PRICING SUPPLEMENT NUMBER 15 Filed Under
(To Prospectus dated January 11, 1995) Rule 424(b)(2) and
CUSIP No. 71345L DA 3 424(c)
File No. 33-57181
$50,000,000
PEPSICO, INC.
15% Debt Securities Due June 14, 1996
Interest Payable Semiannually
_______________________
Type of Securities: Fixed Rate Debt Securities
Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated
Initial Offering Price: 108.740%
Underwriter's Discount: 0.102%
Currency: U. S. Dollars
Date of Issue: June 14, 1995
Issuance form: Book entry
Scheduled Maturity Date: June 14, 1996
Coupon: 15.0% per annum
Daycount basis: 30/360
Interest Accrual Date: June 14, 1995, or the most recent
date for which interest has been paid
or provided for, as the case may be.
Interest will accrue from each Interest
Accrual Date to but excluding the next
succeeding Interest Payment Date.
Interest Payment Dates: Semiannually on each December 14 and
June 14, commencing December 14, 1995
and ending on the Scheduled Maturity
Date.
Principal Payment Dates: Scheduled Maturity Date
Business Days: New York
Calculation Agent: PepsiCo, Inc.
Optional RedemptionDates: Not applicable
Option to elect prepayment: None
Sinking fund: Not applicable
Settlement Date: June 14, 1995
The 15% Debt Securities Due June 14, 1996 will be purchased by
the Underwriter at 108.638% of their principal amount, and will
be initially offered to the public at 108.740% of their principal
amount (the "Initial Offering Price"). The Underwriter has
advised PepsiCo that it intends to offer all or part of the 15%
Debt Securities Due June 14, 1996 directly to the public
initially at the Initial Offering Price of such Debt Securities.
After the 15% Debt Securities Due June 14, 1996, are released for
sale to the public, the offering price and other selling terms
may from time to time be varied by the Underwriter.
For U.S. federal income tax purposes, the 15% Debt Securities Due
June 14, 1996 will be treated as Fixed Rate Debt Securities,
issued without OID. This treatment is consistent with the
applicable provisions of the Internal Revenue Code of 1986, as
amended, and the final OID regulations, which are generally
effective for debt instruments issued on or after April 4, 1994.
____________________________
Merrill Lynch & Co.
____________________________
June 9, 1995
