Pepsi prices $300 million five-year notes at 84 bps; PPL, John Deere also bring deals

By Andrea Heisinger

Omaha, July 11 - PepsiAmericas Inc. was among the investment-grade issuers selling deals Wednesday, pricing $300 million of 5.75% five-year notes (Baa1/A) at Treasuries plus 84 basis points.

Also bringing new debt during the session were PPL Capital Funding Inc., which priced its offering of $100 million 6.85% 40-year senior notes (Baa2/BBB-) and John Deere Capital Corp., which sold $400 million in three-year floating-rate notes (A2/A).

The Pepsi notes priced at 99.725 to yield 4.973% and have a make-whole call at Treasuries plus 15 basis points.

Joint bookrunners on the deal are Citigroup Global Markets Inc. and Morgan Stanley & Co., Inc.

Proceeds will be used primarily to fund a previously announced acquisition of Ukrainian juice company Sandora LLC, to repay commercial paper and for other general corporate purposes.

PPL Capital Funding priced its $25 per note offering at par to yield 6.85%.

Joint bookrunners on the deal are Citigroup Global Markets Inc., Merrill Lynch and UBS Investment Bank.

The issuer is a subsidiary of Allentown, Pa.,-based PPL Corp., an energy generator and provider.

The John Deere floaters priced at par with a coupon of Libor plus 8 basis points.

Joint bookrunners are Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.

The Reno, Nev.-based corporation provides lease and purchase financing of John Deere products.

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