DBRS: PepsiCo notes A (high)

DBRS said it assigned a rating of A (high) with a stable trend to PepsiCo, Inc.'s multi-tranche debt issue totaling $2.5 billion.

The issuance consists of $625 million floating-rate senior unsecured notes due Feb. 26, 2016; $625 million 0.7% senior unsecured notes due Feb. 26, 2016; and $1.25 billion 2.75% senior unsecured notes due March 1, 2023.

The notes will be unsecured obligations ranking pari passu with PepsiCo's other senior unsecured indebtedness, DBRS said.

The proceeds are expected to be used for general corporate purposes, including the repayment of commercial paper, the agency said.

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