PRICING SUPPLEMENT NUMBER 21 Filed Under Rule (To Prospectus dated January 11, 1995) 424(b)(2) and 424(c) CUSIP 71345L DG 0 File No. 33-57181 $25,000,000 PEPSICO, INC. 7.00% Callable Debt Securities Due September 27, 2010 Interest Payable Monthly _______________________ Underwriter: Lehman Brothers Inc. Initial Offering Price: 100.00% Underwriter's Discount: 0.00% Currency: U. S. Dollars Date of Issue: September 27, 1995 Issuance form: Book entry Scheduled Maturity Date: September 27, 2010 Coupon: 7.00% per annum Day count basis: 30/360 Interest Accrual Date: September 27, 1995, or the most recent date for which interest has been paid or provided for, as the case may be. Interest will accrue from each Interest Accrual Date to but excluding the next succeeding Interest Payment Date. Interest Payment Dates: Monthly on the 27th of each month, commencing October 27, 1995 and ending on the Scheduled Maturity Date or an earlier Optional Redemption Date. Principal Payment Dates: Scheduled Maturity Date, or an earlier Optional Redemption Date Business Days: New York Calculation Agent: PepsiCo, Inc. Optional Redemption Dates: The 7.00% Callable Debt Securities Due September 27, 2010 may be redeemed, in whole but not in part, at the option of PepsiCo, at 100% of the principal amount thereof, plus accrued interest to the date of such redemption, on any September 27, December 27, March 27 or June 27 (subject to adjustment in accordance with the Following Business Day Convention) prior to the Scheduled Maturity Date commencing on September 27, 1997, upon 15 days' written notice by PepsiCo to the holders of such Notes. Option to elect prepayment: None Sinking fund: Not applicable Settlement Date: September 27, 1995 The 7.00% Callable Debt Securities Due September 27, 2010 will be purchased by the Underwriter at 100.00% of their principal amount (the "Initial Offering Price"). The Underwriter has advised PepsiCo that it intends to offer all or part of the 7.00% Callable Debt Securities Due September 27, 2010 directly to the public initially at the Initial Offering Price of such Debt Securities. After the 7.00% Callable Debt Securities Due September 27, 2010 are released for sale to the public, the offering price and other selling terms may from time to time be varied by the Underwriter. For U.S. federal income tax purposes, the 7.00% Callable Debt Securities Due September 27, 2010 will be treated as Fixed Rate Debt Securities, issued without OID. This treatment is consistent with the applicable provisions of the Internal Revenue Code of 1986, as amended, and the final OID regulations, which are generally effective for debt instruments issued on or after April 4, 1994. ____________________________ Lehman Brothers Inc. ____________________________ September 6, 1995