PepsiCo Inc. announced Oct. 11 that it is offering to exchange certain outstanding notes from its cash tender offers with new notes issued by the beverage giant.

The exchange offer comes after PepsiCo commenced cash tender offers for its own $750 million principal amount of 4.875% senior notes due 2040 and $1 billion principal amount of 5.5% senior notes due 2040. The tender offers also include Whitman Corp.-issued $100 million principal amount of 7.29% notes due Sept. 15, 2026, and $25 million principal amount of 7.44% notes due Sept. 15, 2026, as well as The Pepsi Bottling Group. Inc.-issued $1 billion principal amount of 7% senior notes due 2029, and PepsiAmericas Inc.-issued $250 million principal amount of 5.5% notes due May 15, 2035. The company refers to these outstanding notes are referred to as metro notes.

Under the exchange offer, Whitman Corp.'s 7.29% notes due Sept. 15, 2026, can be exchanged for the food company's 7.29% series A senior notes due Sept. 15, 2026. Meanwhile, its 7.44% notes due Sept. 15, 2026, can be exchanged for PepsiCo's 7.44% series A senior notes due Sept. 15, 2026.

The Pepsi Bottling Group. Inc.'s 7% senior notes due 2029 can be exchanged for the beverage giant's 7% series A senior notes due 2029, and PepsiAmericas Inc.'s 5.5% notes due May 15, 2035, can be exchanged for PepsiCo-issued 5.5% series A notes due May 15, 2035.

The exchange offers will expire Nov. 7, at 11:59 p.m., New York City time. Holders who tender their metro notes before Oct. 24, at 5 p.m., New York City time, will receive an early tender payment of $30 principal amount of new PepsiCo-issued notes for every $1,000 principal amount of metro notes they tender. Those who would like to withdraw their tendered notes may do so before 5 p.m. on Oct. 24 as well.