<PAGE>
                                                                     EXHIBIT 4.7

                     ---------------------------------------


                                U.S. $250,000,000
                       364-DAY SECOND AMENDED AND RESTATED
                                CREDIT AGREEMENT


                             Dated as of May 1, 2002

                                      among

                         THE PEPSI BOTTLING GROUP, INC.

                               BOTTLING GROUP, LLC

                            THE LENDERS NAMED HEREIN

                              JPMORGAN CHASE BANK,
                                    as Agent,


                       BANC OF AMERICA SECURITIES LLC and
                          J.P. MORGAN SECURITIES INC.,
                            as Co-Lead Arrangers and
                               Joint Book Managers

                                       and

                            BANK OF AMERICA, N.A. and
                                 CITIBANK, N.A.,
                            as Co-Syndication Agents

                     ---------------------------------------
<PAGE>
      SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 1, 2002 (the
"Agreement") among THE PEPSI BOTTLING GROUP, INC., a Delaware corporation (the
"Company"), BOTTLING GROUP, LLC, a Delaware limited liability company (the
"Guarantor"), the banks, financial institutions and other institutional lenders
(the "Initial Lenders") listed on the signature pages hereof, and JPMORGAN CHASE
BANK, as Agent (in such capacity, the "Agent") for the Lenders.

      The Company, certain banks and the Agent are parties to a Credit Agreement
dated as of May 3, 2000 (as amended and restated as of May 2, 2001, and as
heretofore amended, modified and in effect on the date hereof, the "Existing
Credit Agreement") providing for the making of loans by such banks to the
Company in an aggregate principal amount at any one time outstanding not
exceeding $250,000,000 (or as increased pursuant to the terms of the Existing
Credit Agreement).

      The parties hereto wish to amend the Existing Credit Agreement to, among
other things, extend the Termination Date by 364 days and to restate the
Existing Credit Agreement to read in its entirety as set forth in the Existing
Credit Agreement (which Existing Credit Agreement is incorporated herein by this
reference) as so amended. The parties hereto agree as follows:

      Section 1. Definitions. Capitalized terms used but not otherwise defined
herein have the meanings given them in the Existing Credit Agreement.


      Section 2. Amendments. The Existing Credit Agreement is hereby amended,
effective as of the Restatement Date (as defined in Section 4 hereof), as
follows, and as so amended is restated in its entirety effective on the
Restatement Date:

                  (a) General. Each reference to this "Agreement" and words of
      similar import in the Existing Credit Agreement as amended and restated
      hereby shall be deemed to be a reference to the Existing Credit Agreement
      as amended and restated hereby and as the same may be further amended,
      supplemented and otherwise modified and in effect from time to time.

                  (b) Termination Date. The definition of "Termination Date" set
      forth in Section 1.01 of the Existing Credit Agreement is amended in its
      entirety to read as follows:


                        "Termination Date" means April 30, 2003 or, if earlier,
            the date of termination in whole of the Commitments pursuant to
            Section 2.05(a) or 6.01 or, in the case of any Lender whose
            Commitment is extended pursuant to Section 2.06(c), the date to
            which such Commitment is extended; provided in each case

                      Amended and Restated Credit Agreement
<PAGE>
                                     - 2 -

            that if any such date is not a Business Day, the relevant
            Termination Date of such Lender shall be the immediately preceding
            Business Day.

      Section 3. Representations and Warranties. Each of the Company and the
Guarantor (each, a "Loan Party") represents and warrants that (i) each of the
representations and warranties of such Loan Party contained in Section 4.01 of
the Existing Credit Agreement, after giving effect to the amendment and
restatement contemplated hereby, is true and correct on and as of the
Restatement Date with the same force and effect as if made on and as of the
Restatement Date, and as if each reference in Section 4.01(e) to "December 25,
1999" referred to "December 29, 2001", and (ii) no Default or Event of Default
has occurred and is continuing on and as of the Restatement Date. The Company
agrees that if any representation and warranty contained in this Section 3 shall
prove to have been incorrect in any material respect when made, it shall be
deemed to be an Event of Default under Section 6.01(b) of the Existing Credit
Agreement as amended and restated hereby.

      Section 4. Conditions to Effectiveness. This Agreement shall become
effective on the date (the "Restatement Date") on which the Agent notifies the
Company that the following conditions have been satisfied:

                  (i) Execution by All Parties. This Agreement shall have been
      executed and delivered by each of the Company, the Guarantor, the Agent
      and the Initial Lenders.


                  (ii) Documents. The Agent shall have received the following
      documents, each of which shall be dated the Restatement Date and shall
      otherwise be satisfactory to the Agent in form and substance:

                  (a) Certified copies of the resolutions of the Board of
            Directors of the Company and of the Guarantor approving this
            Agreement and the Existing Credit Agreement as amended and restated
            hereby, and of all documents evidencing other necessary corporate
            action and governmental approvals, if any, with respect to this
            Agreement and the Existing Credit Agreement as amended and restated
            hereby.

                  (b) A certificate of the Secretary or an Assistant Secretary
            of the Company certifying the names and true signatures of the
            officers of the Company authorized to sign this Agreement and the
            other documents to be delivered hereunder.

                  (c) A certificate of the Secretary or an Assistant Secretary
            of the Guarantor certifying the names and true signatures of the
            officers of the Guarantor authorized to sign this Agreement and the
            other documents to be delivered hereunder.

                  (d) An opinion of Pamela McGuire, General Counsel of each of
            the Company and the Guarantor, substantially in the form of Exhibit
            C to the Existing Credit Agreement (with such necessary changes to
            reflect the amendment and

                     Amended and Restated Credit Agreement
<PAGE>
                                       -3-



            restatement contemplated hereby) and as to such other matters as any
            Initial Lender through the Agent may reasonably request.

                  (e) A favorable opinion of Milbank, Tweed, Hadley & McCloy
            LLP, special New York counsel for the Agent.

                  (f) The Agent shall have received such other approvals,
            opinions or documents as any Initial Lender through the Agent may
            reasonably request.

      Section 5. Counterparts. This Agreement may be executed in any number of
counterparts, and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

      Section 6. Expenses. Without limiting its obligations under Section 8.04
of the Existing Credit Agreement, the Company agrees to pay all reasonable
out-of-pocket expenses incurred by the Agent, Bank of America, N.A. and each of
their Affiliates, including the reasonable fees, charges and disbursements of
counsel for the Agent, in connection with the preparation, execution and
delivery of this Agreement.

      Section 7. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.


      Section 8. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the law of the State of New York.

                      Amended and Restated Credit Agreement
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.


                                        THE PEPSI BOTTLING GROUP, INC.,
                                        as Borrower

                                        By: /s/ Nicholas J. D'Alessandro
                                            ----------------------------
                                            Name:  Nicholas J. D'Alessandro
                                            Title:  Vice President and Treasurer

                                        BOTTLING GROUP, LLC,
                                        as Guarantor

                                        By:  /s/ Nicholas J. D'Alessandro
                                             ----------------------------
                                             Name:  Nicholas J. D'Alessandro
                                             Title:  Managing Director-Delegatee


                                        JPMORGAN CHASE BANK,
                                        as Agent

                                        By: /s/ B.B. Wuthrich
                                            -----------------
                                             Name: B.B. Wuthrich
                                             Title: Vice President

                      Amended and Restated Credit Agreement
<PAGE>
<TABLE>
<CAPTION>




COMMITMENT                               INITIAL LENDERS
----------                               ---------------
<S>                                     <C>

$30,000,000                             JPMORGAN CHASE BANK


                                        By: /s/B.B. Wuthrich
                                             ----------------
                                             Name: B.B. Wuthrich
                                             Title:   Vice President

$30,000,000                             CITIBANK, N.A.


                                        By: /s/ Sandy Salgado
                                            ------------------
                                            Name: Sandy Salgado
                                            Title:

$30,000,000                             BANK OF AMERICA, N.A.


                                        By: /s/ David L. Catherall
                                            ----------------------
                                            Name: David L. Catherall
                                            Title: Vice President

$30,000,000                             DEUTSCHE BANK AG, NEW YORK AND/OR CAYMAN
                                        ISLANDS BRANCH


                                        By: /s/ William W. McGinty
                                            ----------------------
                                            Name: William W. McGinty
                                            Title: Director

                                        By: /s/ Thomas A. Foley
                                            -------------------
                                            Name: Thomas A. Foley
                                            Title: Vice President

</TABLE>

                     Amended and Restated Credit Agreement
<PAGE>
<TABLE>
<CAPTION>
COMMITMENT                               INITIAL LENDERS
----------                               ---------------
<S>                                     <C>




$25,000,000                              CREDIT SUISSE FIRST BOSTON


                                         By: /s/ David W. Kratovil
                                             ---------------------
                                              Name: David W. Kratovil
                                              Title: Director


                                         By: /s/ James P. Moran
                                             ------------------
                                              Name: James P. Moran
                                              Title: Director

$20,000,000                              THE NORTHERN TRUST COMPANY


                                         By: /s/ Eric Strickland
                                             --------------------
                                              Name: Eric Strickland
                                              Title: Vice President

$20,000,000                              LEHMAN COMMERCIAL PAPER INC.


                                         By: /s/ Francis J. Chang
                                             --------------------
                                              Name: Francis J. Chang
                                              Title: Vice President

$15,000,000                              ROYAL BANK OF CANADA


                                         By:  /s/ Ritta Y. Lee
                                             -----------------
                                              Name: Ritta Y. Lee
                                              Title: Senior Manager
</TABLE>

                     AMENDED AND RESTATED CREDIT AGREEMENT
<PAGE>
<TABLE>
<CAPTION>
COMMITMENT                               INITIAL LENDERS
----------                               ---------------
<S>                                     <C>
$12,500,000                             BANCO BILBAO VIZCAYA


                                        By: /s/ John Martini
                                            -----------------
                                            Name: John Martini
                                            Title: Vice President

                                        By: /s/ Erich Michel
                                            -----------------
                                            Name: Erich Michel
                                            Title: Vice President

$12,500,000                             THE BANK OF NEW YORK


                                        By: /s/ Joanna S. Bellocq
                                             ---------------------
                                             Name: Joanna S. Bellocq
                                             Title:  Vice President

$12,500,000                             FLEET NATIONAL BANK


                                        By: /s/ Renata Salgado
                                            ------------------
                                            Name: Renata Salgado
                                            Title:  Vice President

$12,500,000                              STATE STREET BANK AND TRUST COMPANY


                                        By: /s/ Juan G. Sierra
                                            ------------------
                                             Name: Juan G. Sierra
                                             Title:  Assistant Vice President

----------------------------------
$250,000,000  - Total of the Commitments
</TABLE>

                     Amended and Restated Credit Agreement