PepsiAmericas hikes size of debt sale

PepsiAmericas Inc. increased the size of its planned debt sale to $350 million, according to a person familiar with the offering.

The five-year notes may price to yield 250 basis points more than U.S. Treasuries of similar maturity, said the person, who declined to be identified because terms aren't set. A basis point is 0.01 percentage point.

The Minneapolis-based company hired Bank of America Corp. and JPMorgan Chase & Co. to help sell the debt, the person said.

The notes are rated Baa1 by Moody's Investors Service, the third-lowest level of investment quality, and two steps higher at A by Standard & Poor's, the person said. The company previously marketed $300 million of the notes.

Mary Viola, a company spokeswoman, did not immediately respond to a request for comment.

PepsiAmericas makes, packages, sells and distributes soft drinks and bottled water.