PRICING SUPPLEMENT NUMBER 12                                   Filed Under Rule
(TO PROSPECTUS DATED NOVEMBER 28, 1995)                    424(b)(2) and 424(c)
CUSIP 71345L EA-2                                             File No. 33-64243

                                 PEPSICO, INC.

                    5.75% DEBT SECURITIES DUE JANUARY 1, 2003
                          Interest Payable Semiannually

     Type of Securities:                  Fixed Rate Debt Securities
     Underwriters:                        Credit Suisse First Boston
                                          UBS Securities LLC

     Initial Offering Price:              99.576%

     Underwriter's Discount:              0.256%

     Currency:                            U. S. Dollars

     Date of Issue:                       January 8, 1998

     Issuance form:                       Book entry

     Scheduled Maturity Date:             January 1, 2003

     Interest Rate:                       5.75% per annum

     Day count basis:                     30/360

     Interest Accrual Date:               January 8,  1998,  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

     Interest Payment Dates:              Semiannually on each July 1 and 
                                          January 1, commencing July 1, 1998
                                          and ending on the Scheduled Maturity 
     Principal Payment Date:              Scheduled Maturity Date

     Business Days:                       New York

     Calculation Agent:                   PepsiCo, Inc.

     Optional Redemption Dates:           Not applicable

     Option to elect prepayment:          None

     Sinking fund:                        Not applicable

     Settlement Date:                     January 8, 1998

     Minimum Denomination:                $10,000.00

The 5.75% Debt  Securities Due January 1, 2003 (the "Debt  Securities")  will be
purchased by the  Underwriters,  severally and not jointly,  at 99.320% of their
principal  amount,  and  will be  offered  to the  public  at  99.576%  of their
principal amount (the "Initial Offering  Price").  The Underwriters have advised
PepsiCo that they intend to offer all or part of the Debt Securities directly to
the public  initially  at the Initial  Offering  Price of such Debt  Securities.
After the Debt  Securities  are  released  for sale to the public,  the offering
price  and  other  selling  terms  may  from  time  to  time  be  varied  by the

For U.S.  federal income tax purposes,  the Debt  Securities  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.

The  Underwriters  and certain of their  affiliates have provided  financial and
commercial  banking  services  for PepsiCo  from time to time,  in the  ordinary
course of business.

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        CREDIT SUISSE FIRST BOSTON                         UBS SECURITIES
     -------------------------------                 ---------------------------

January 5, 1998