Yum! Brands, Inc. Announces Closing of New Senior Secured Credit Facilities and Notes Offering
June 16 2016 - 4:15PM
Business Wire
Yum! Brands, Inc. (NYSE: YUM) (the “Company”) today announced
that certain subsidiaries that operate the Company’s KFC, Pizza Hut
and Taco Bell businesses have closed the previously announced $2.5
billion new Senior Secured Credit Facilities and $2.1 billion
senior unsecured notes offering. The new Senior Secured Credit
Facilities consist of a $500 million 5-year term loan A facility
and a $2.0 billion 7-year term loan B facility, along with an
undrawn $1.0 billion 5-year revolving credit facility. The senior
unsecured notes offering consists of $1.05 billion aggregate
principal amount of 5.00% Senior Notes due 2024 and $1.05 billion
aggregate principal amount of 5.25% Senior Notes due 2026
(collectively, the “Notes”).
Net proceeds from the new Senior Secured Credit Facilities and
the Notes offering will be used to fund a return of capital to
shareholders, to repay borrowings under the Company’s existing
revolving credit facility, to pay associated transaction fees and
expenses, and for general corporate purposes.
The Notes have not and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any
state securities laws, and may not be offered or sold in the United
States or to U.S. persons absent registration or an applicable
exemption from such registration requirements. Accordingly, the
Notes were offered and sold in the United States only to qualified
institutional buyers in reliance on Rule 144A under the Securities
Act and to non-U.S. persons in offshore transactions outside the
United States in accordance with Regulation S under the Securities
Act. This release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the Notes in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160616006438/en/
Yum! Brands, Inc.Analysts:Donny Lau, 888-298-6986Senior
Director, Investor Relations & Corporate StrategyorElizabeth
Grenfell, 888-298-6986Director, Investor RelationsorMedia:Virginia
Ferguson, 502-874-8200Director, Public Relations
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Apr 2023 to Apr 2024