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PBG » Topics » Debt Covenants

This excerpt taken from the PBG 8-K filed Sep 16, 2009.
Debt Covenants – Certain of our senior notes have redemption features and non-financial covenants that will, among other things, limit our ability to create or assume liens, enter into sale and lease-back transactions, engage in mergers or consolidations and transfer or lease all or substantially all of our assets. Additionally, certain of our credit facilities and senior notes have financial covenants consisting of the following:
 
•   Our debt to capitalization ratio should not be greater than .75 on the last day of a fiscal quarter when PepsiCo’s ratings are A- by S&P and A3 by Moody’s or higher. Debt is defined as total long-term and short-term debt plus accrued interest plus total standby letters of credit and other guarantees less cash and cash equivalents not in excess of $500 million. Capitalization is defined as debt plus PBG shareholders’ equity plus noncontrolling interests, excluding the impact of the cumulative translation adjustment.
 
•   Our debt to EBITDA ratio should not be greater than five on the last day of a fiscal quarter when PepsiCo’s ratings are less than A- by S&P or A3 by Moody’s. EBITDA is defined as the last four quarters of earnings before depreciation, amortization, net interest expense, income taxes, net income attributable to noncontrolling interests, net other non-operating expenses and extraordinary items.
 
•   New secured debt should not be greater than 15 percent of our net tangible assets. Net tangible assets are defined as total assets less current liabilities and net intangible assets.
 
As of December 27, 2008 we were in compliance with all debt covenants.
 
These excerpts taken from the PBG 10-K filed Feb 20, 2009.
Debt Covenants – Certain of our senior notes have redemption features and non-financial covenants that will, among other things, limit our ability to create or assume liens, enter into sale and lease-back transactions, engage in mergers or consolidations and transfer or lease all or substantially all of our assets. Additionally, certain of our credit facilities and senior notes have financial covenants consisting of the following:
 
•   Our debt to capitalization ratio should not be greater than .75 on the last day of a fiscal quarter when PepsiCo’s ratings are A- by S&P and A3 by Moody’s or higher. Debt is defined as total long-term and short-term debt plus accrued interest plus total standby letters of credit and other guarantees less cash and cash equivalents not in excess of $500 million. Capitalization is defined as debt plus shareholders’ equity plus minority interest, excluding the impact of the cumulative translation adjustment.
 
•   Our debt to EBITDA ratio should not be greater than five on the last day of a fiscal quarter when PepsiCo’s ratings are less than A- by S&P or A3 by Moody’s. EBITDA is defined as the last four quarters of earnings before depreciation, amortization, net interest expense, income taxes, minority interest, net other non-operating expenses and extraordinary items.
 
•   New secured debt should not be greater than 15 percent of our net tangible assets. Net tangible assets are defined as total assets less current liabilities and net intangible assets.
 
As of December 27, 2008 we were in compliance with all debt covenants.
 
Debt
Covenants – Certain of our senior notes
have redemption features and non-financial covenants that will,
among other things, limit our ability to create or assume liens,
enter into sale and lease-back transactions, engage in mergers
or consolidations and transfer or lease all or substantially all
of our assets. Additionally, certain of our credit facilities
and senior notes have financial covenants consisting of the
following:


 
































•  
 Our debt to capitalization ratio should not be greater than .75
on the last day of a fiscal quarter when PepsiCo’s ratings
are A- by S&P and A3 by Moody’s or higher. Debt is
defined as total long-term and short-term debt plus accrued
interest plus total standby letters of credit and other
guarantees less cash and cash equivalents not in excess of
$500 million. Capitalization is defined as debt plus
shareholders’ equity plus minority interest, excluding the
impact of the cumulative translation adjustment.
 
•  
 Our debt to EBITDA ratio should not be greater than five on the
last day of a fiscal quarter when PepsiCo’s ratings are
less than A- by S&P or A3 by Moody’s. EBITDA is
defined as the last four quarters of earnings before
depreciation, amortization, net interest expense, income taxes,
minority interest, net other non-operating expenses and
extraordinary items.
 
•  
 New secured debt should not be greater than 15 percent of
our net tangible assets. Net tangible assets are defined as
total assets less current liabilities and net intangible assets.


 



As of December 27, 2008 we were in compliance with all debt
covenants.


 



These excerpts taken from the PBG 10-K filed Feb 27, 2008.
Debt Covenants – Certain of our senior notes have redemption features and non-financial covenants that will, among other things, limit our ability to create or assume liens, enter into sale and lease-back transactions, engage in mergers or consolidations and transfer or lease all or substantially all of our assets. Additionally, certain of our credit facilities and senior notes have financial covenants consisting of the following:
 
•   Our debt to capitalization ratio should not be greater than .75 on the last day of a fiscal quarter when PepsiCo’s ratings are A- by S&P and A3 by Moody’s or higher. Debt is defined as total long-term and short-term debt plus accrued interest plus total standby letters of credit and other guarantees less cash and cash equivalents not in excess of $500 million. Capitalization is defined as debt plus shareholders’ equity plus minority interest, excluding the impact of the cumulative translation adjustment.
•   Our debt to EBITDA ratio should not be greater than five on the last day of a fiscal quarter when PepsiCo’s ratings are less than A- by S&P or A3 by Moody’s. EBITDA is defined as the last four quarters of earnings before depreciation, amortization, net interest expense, income taxes, minority interest, net other non-operating expenses and extraordinary items.
•   New secured debt should not be greater than 15 percent of our net tangible assets. Net tangible assets are defined as total assets less current liabilities and net intangible assets.
 
As of December 29, 2007 we were in compliance with all debt covenants.
 
Debt
Covenants – Certain of our senior notes
have redemption features and non-financial covenants that will,
among other things, limit our ability to create or assume liens,
enter into sale and
lease-back
transactions, engage in mergers or consolidations and transfer
or lease all or substantially all of our assets. Additionally,
certain of our credit facilities and senior notes have financial
covenants consisting of the following:


 































•  
 Our debt to capitalization ratio should not be greater than .75
on the last day of a fiscal quarter when PepsiCo’s ratings
are
A- by
S&P and A3 by Moody’s or higher. Debt is defined as
total long-term and short-term debt plus accrued interest plus
total standby letters of credit and other guarantees less cash
and cash equivalents not in excess of $500 million.
Capitalization is defined as debt plus shareholders’ equity
plus minority interest, excluding the impact of the cumulative
translation adjustment.
•  
 Our debt to EBITDA ratio should not be greater than five on the
last day of a fiscal quarter when PepsiCo’s ratings are
less than A- by S&P or A3 by Moody’s. EBITDA is
defined as the last four quarters of earnings before
depreciation, amortization, net interest expense, income taxes,
minority interest, net other
non-operating
expenses and extraordinary items.
•  
 New secured debt should not be greater than 15 percent of
our net tangible assets. Net tangible assets are defined as
total assets less current liabilities and net intangible assets.


 



As of December 29, 2007 we were in compliance with all debt
covenants.


 



EXCERPTS ON THIS PAGE:

8-K
Sep 16, 2009
10-K (2 sections)
Feb 20, 2009
10-K (2 sections)
Feb 27, 2008

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