|Exhibit 10.2
|------------

|PEPSIAMERICAS, INC.DEBT SECURITIES
TERMS AGREEMENT


May 11, 2005


PepsiAmericas, Inc.4000
Dain Rauscher Plaza60 South Sixth StreetMinneapolis, Minnesota 55402Attention:
Alexander H. Ware


Ladies and Gentlemen:


On
behalf of the several Underwriters named in the table below (Underwriters) and
for their respective accounts, we offer to purchase, on and subject to the terms and
conditions of the Underwriting Agreement dated May 11, 2005 between PepsiAmericas, Inc.
(Company) and the Underwriters (Underwriting Agreement),
$250,000,000 aggregate principal amount of its 5.00% Notes due 2017 (the 2017
Notes) and $250,000,000 aggregate principal amount of its 5.50% Notes due 2035 (the
2035 Notes, and together with the 2017 Notes, the
Securities) in the respective amounts set forth below opposite their
respective names at the respective purchase prices set forth below.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Underwriter                                        |   | Principal Amount of2017 Notes |  |   | Principal Amount of2035 Notes | 
|-------------------------------------------------- | - | ----------------------------- |  | - | ----------------------------- | 
|                                                   |   |                               |  |  
|ASSETS:                                            |   |                               |  |   |                               | 
|Citigroup Global Markets Inc.                      | $ | 75,000,000                    |  | $ | 75,000,000                    | 
|J.P. Morgan Securities Inc.                        |   | 75,000,000                    |  |   | 75,000,000                    | 
|Banc of America Securities LLC                     |   | 47,500,000                    |  |   | 47,500,000                    | 
|Wachovia Capital Markets, LLC                      |   | 25,000,000                    |  |   | 25,000,000                    | 
|BNP Paribas Securities Corp.                       |   | 10,000,000                    |  |   | 10,000,000                    | 
|Merrill Lynch, Pierce, Fenner & Smith Incorporated |   | 10,000,000                    |  |   | 10,000,000                    | 
|Wells Fargo Securities, LLC                        |   | 5,000,000                     |  |   | 5,000,000                     | 
|Loop Capital Markets, LLC                          |   | 2,500,000                     |  |   | 2,500,000                     | 
|                                                   |   |                               |  |  
|Total:                                             | $ | 250,000,000                   |  | $ | 250,000,000                   | 
|                                                   |   |                               |  |  

| | The 2017 Notes shall have the
following terms:
| | ----------------------------------------------

| | Title:
5.00% Notes due 2017.
| | ----------------------------

| | Interest
Rate: 5.00% per year.
| | ------------------------------

| | Stated Maturity:  May 15, 2017,
unless redeemed earlier at the Company's option.
| | --------------------------------------------------------------------------------

| | Principal
Amount: $250,000,000.
| | -------------------------------

| | Denominations:  $1,000 and integral
multiples in excess thereof
| | ---------------------------------------------------------------

| | Interest
Payment Dates: Payable semiannually in arrears on each May 15 and November 15, beginning
November 15, 2005, to holders of record on the immediately preceding May 1 or November 1,
as the case may be.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Issue
Date: May 18, 2005.
| | -------------------------

| | Interest
Accrual: From and including the Issue Date to but excluding May 15, 2017 or earlier
redemption, computed on the basis of a 360-day year consisting of twelve 30-day months.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Original
Issue Discount: None.
| | ------------------------------

| | Price to Public:  99.182% of principal  amount,  plus  accrued  interest,  if any,  from  and
         including the Issue Date.
| | --------------------------------------------------------------------------------------------------------------------------------

| | Purchase Price (to be
paid in immediately available funds):  98.507% of the principal amount.
| | ---------------------------------------------------------------------------------------------

| | Optional
Redemption by Company: Redeemable, in whole or in part, at the Companys option at
any time and from time to time upon not fewer than 30 nor more than 60 days prior
written notice to the holders thereof, at the Redemption Price, together with unpaid
interest accrued to the Redemption Date.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Redemption Price equals the greater of:
| | ---------------------------------------------

| | (1) | 100% of the principal amount of
the 2017 Notes being redeemed; and
| | --- | ------------------------------------------------------------------

| | (2) | as determined by an Independent Investment Banker, the sum of the present values
               of the remaining scheduled payments of principal and interest on the 2017 Notes
               being redeemed from the Redemption Date (exclusive of interest payable on such
               Redemption Date) through the Stated Maturity, discounted to the Redemption Date
               on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
               months) at the Treasury Rate plus 0.15%.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Comparable
Treasury Issue means the United States Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the 2017 Notes
to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the 2017 Notes to be redeemed.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Comparable
Treasury Price means, with respect to any Redemption Date, (i) the arithmetic
average of at least three Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii)
if fewer than five Reference Treasury Dealer Quotations are obtained, the arithmetic mean
of all such obtained Reference Treasury Dealer Quotations.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Independent
Investment Banker means one of the Redemption Treasury Dealers appointed by the
Trustee after consultation with the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------

| | Redemption
Date means the date or dates specified by the Company for the redemption of the 2017
Notes pursuant to the Companys optional redemption right.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Redemption
Treasury Dealer means each of Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc., and their respective successors. If any of the Redemption Treasury
Dealers ceases to be a primary U.S. government securities dealer in New York City (a
Primary Treasury Dealer), we may substitute another Primary Treasury Dealer.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Reference
Treasury Dealer Quotations means, with respect to each Redemption Treasury Dealer
and any Redemption Date, the arithmetic average, as determined by the Trustee, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Redemption Treasury
Dealer at 5:00 p.m. (New York City time) on the third Business Day before such Redemption
Date.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Treasury
Rate means, with respect to any Redemption Date, (i) the yield, under the heading
which represents the average for the week immediately prior to the third Business Day
before such Redemption Date, appearing in the most recently published statistical release
designated H.15(519) or any successor publication which is published weekly by the Federal
Reserve and which established yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption Treasury Constant Maturities,
for the maturity corresponding to the remaining term of the 2017 Notes to be redeemed (if
no maturity is within three months before or after such remaining term, yields for the two
published maturities most closely corresponding to such remaining term shall be determined
and the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (ii) if such release (or any
successor release) is not published during the week preceding the third Business Day
before such Redemption Date or does not contain such yields, the rate per annum equal to
the semiannual equivalent yield to maturity of the Comparable Treasury Issue for the 2017
Notes to be redeemed, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Optional
Redemption by Holder: None.
| | ------------------------------------

| | Sinking
Fund: None.
| | -------------------

| | Trade
Date: May 11, 2005.
| | -------------------------

| | Closing  (Issue Date):  9:30 a.m.,  Minneapolis,  Minnesota  time,  May 18, 2005 in federal (same
         day) funds payable to the Company's account.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | Delayed
Delivery Contracts: None.
| | ---------------------------------

| | Representatives:  Citigroup Global
Markets Inc. and J.P. Morgan Securities Inc.
| | -------------------------------------------------------------------------------

| | Exact name in which the 2017
Notes are to be registered (registered owner):  Cede & Co.
| | ---------------------------------------------------------------------------------------

| | Settlement and Trading:
Book-entry only via DTC.
| | ------------------------------------------------

The 2035 Notes shall have the
following terms:

| | Title:
5.50% Notes due 2035.
| | ----------------------------

| | Interest
Rate: 5.50% per year.
| | ------------------------------

| | Stated Maturity:
May 15, 2035, unless redeemed earlier at the Company's option.
| | -------------------------------------------------------------------------------

| | Principal
Amount: $250,000,000.
| | -------------------------------

| | Denominations:
$1,000 and integral multiples in excess thereof.
| | ---------------------------------------------------------------

| | Interest
Payment Dates: Payable semiannually in arrears on each May 15 and November 15, beginning
November 15, 2005, to holders of record on the immediately preceding May 1 or November 1,
as the case may be.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Issue
Date: May 18, 2005.
| | -------------------------

| | Interest
Accrual: From and including the Issue Date to but excluding May 15, 2035 or earlier
redemption, computed on the basis of a 360-day year consisting of twelve 30-day months.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Original
Issue Discount: None.
| | ------------------------------

| | Price  to  Public:  99.419%  of
principal  amount,  plus  accrued  interest,  if any,  from  and
         including the Issue Date.
| | -----------------------------------------------------------------------------------------------------------------------------------

| | Purchase Price (to be paid in
immediately available funds):  98.544% of the principal amount.
| | ---------------------------------------------------------------------------------------------

| | Optional
Redemption by Company: Redeemable, in whole or in part, at the Companys option at
any time and from time to time upon not fewer than 30 nor more than 60 days prior
written notice to the holders thereof, at the Redemption Price, together with unpaid
interest accrued to the Redemption Date.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|The
Redemption Price equals the greater of:
|---------------------------------------------

| | (1) | 100% of the principal amount of the 2035 Notes being redeemed; and
| | --- | ------------------------------------------------------------------

| | (2) | as determined by an Independent Investment Banker, the sum of the present values
               of the remaining scheduled payments of principal and interest on the 2035 Notes
               being redeemed from the Redemption Date (exclusive of interest payable on such
               Redemption Date) through the Stated Maturity, discounted to the Redemption Date
               on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
               months) at the Treasury Rate plus 0.20%.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Comparable
Treasury Issue means the United States Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the 2035 Notes
to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the 2035 Notes to be redeemed.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Comparable
Treasury Price means, with respect to any Redemption Date, (i) the arithmetic
average of at least three Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii)
if fewer than five Reference Treasury Dealer Quotations are obtained, the arithmetic mean
of all such obtained Reference Treasury Dealer Quotations.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Independent
Investment Banker means one of the Redemption Treasury Dealers appointed by the
Trustee after consultation with the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------

| | Redemption
Date means the date or dates specified by the Company for the redemption of the 2035
Notes pursuant to the Companys optional redemption right.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Redemption
Treasury Dealer means each of Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc., and their respective successors. If any of the Redemption Treasury
Dealers ceases to be a primary U.S. government securities dealer in New York City (a
Primary Treasury Dealer), we may substitute another Primary Treasury Dealer.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Reference
Treasury Dealer Quotations means, with respect to each Redemption Treasury Dealer
and any Redemption Date, the arithmetic average, as determined by the Trustee, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Redemption Treasury
Dealer at 5:00 p.m. (New York City time) on the third Business Day before such Redemption
Date.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Treasury
Rate means, with respect to any Redemption Date, (i) the yield, under the heading
which represents the average for the week immediately prior to the third Business Day
before such Redemption Date, appearing in the most recently published statistical release
designated H.15(519) or any successor publication which is published weekly by the Federal
Reserve and which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption Treasury Constant Maturities,
for the maturity corresponding to the remaining term of the 2035 Notes to be redeemed (if
no maturity is within three months before or after such remaining term, yields for the two
published maturities most closely corresponding to such remaining term shall be determined
and the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (ii) if such release (or any
successor release) is not published during the week preceding the third Business Day
before such Redemption Date or does not contain such yields, the rate per annum equal to
the semiannual equivalent yield to maturity of the comparable Treasury Issue for the 2035
Notes to be redeemed, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Optional
Redemption by Holder: None.
| | ------------------------------------

| | Sinking
Fund: None.
| | -------------------

| | Trade
Date: May 11, 2005.
| | -------------------------

| | Closing  (Issue Date):  9:30 a.m.,  Minneapolis,  Minnesota  time,  May 18, 2005 in federal (same
         day) funds payable to the Company's account.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | Delayed
Delivery Contracts: None.
| | ---------------------------------

| | Representatives:  Citigroup
Global Markets Inc. and J.P. Morgan Securities Inc.
| | -------------------------------------------------------------------------------

| | Exact name in which
the 2035 Notes are to be registered (registered owner):  Cede & Co.
| | ---------------------------------------------------------------------------------------

| | Settlement and Trading:
Book-entry only via DTC.
| | ------------------------------------------------

|Capitalized terms used but not
otherwise defined herein shall have the meaning ascribed to them in the Underwriting
Agreement.


The provisions of the Underwriting
Agreement are incorporated herein by reference.


The form of 2017 Note and the form of
2035 Note will be made available for checking at the office of Sidley Austin Brown &
Wood LLP, 787 Seventh Avenue, New York, NY 10019 at least 24 hours prior to the Issue
Date.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

|_________________


Please
signify your acceptance of the foregoing by return wire not later than 3:00 p.m. today.
|------------------------------------------------------------------------------------------------------------------

| | Very truly yours,
                                                             CITIGROUP GLOBAL MARKETS INC.
                                                             J.P. MORGAN SECURITIES INC.
                                                             BANC OF AMERICA SECURITIES LLC
                                                             WACHOVIA CAPITAL MARKETS, LLC
                                                             BNP PARIBAS SECURITIES CORP
                                                             MERRILL LYNCH, PIERCE, FENNER
                                                                 SMITH INCORPORATED
                                                             WELLS FARGO SECURITIES, LLC
                                                             LOOP CAPITAL MARKETS, LLC
                                                             By:  J.P. MORGAN SECURITIES INC.
                                                                   
                                                               By:  /s/ ROBERT BOTTAMEDI
                                                                   
                                                               Name:  
                                                               Robert Bottamedi
                                                                   
                                                               Title:  Vice President
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Accepted and agreed toas of the date
set forth above.PEPSIAMERICAS, INC.

By:  /s/ ALEXANDER H. WARE

Name:  Alexander H. WareTitle:
Executive Vice President and Chief Financial Officer