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Pepsi Bottling IPO set
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January 8, 1999: 3:56 p.m. ET
PepsiCo files $1B offering of common stock in its bottling unit
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NEW YORK (CNNfn) - Soft drink giant PepsiCo Inc. said Friday it plans to sell $1 billion worth of shares of its Pepsi Bottling Group subsidiary in a public offering.
The Somers-N.Y.-based beverage company filed for the IPO with the Securities and Exchange Commission, but didn't disclose the number of shares being offered or the price per share.
The company has applied to trade the shares on the New York Stock Exchange under the symbol PBG. Proceeds from the offering are expected to be used to repay debt.
Merrill Lynch & Co. and Morgan Stanley Dean Witter will manage the offering.
PepsiCo's bottling unit makes, sells and distributes Pepsi-Cola beverages in all or part of 39 states, the District of Columbia, eight Canadian provinces, Spain, Greece and Russia. Nearly 93 percent of its volume is sold in North America. 
-- from staff and wire reports
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PepsiCo
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