Yum! Brands, Inc. Announces Pricing of Notes Offering
June 12 2017 - 5:30PM
Business Wire
Yum! Brands, Inc. (NYSE: YUM) (the “Company”) today
announced that its subsidiaries KFC Holding Co., Pizza Hut
Holdings, LLC and Taco Bell of America, LLC, as co-issuers
(together, the “Issuers”) have priced their previously announced
notes offering and have agreed to issue and sell $750 million
aggregate principal amount of 4.75% Senior Notes due 2027 (the
“Notes”). The aggregate principal amount of Notes to be issued in
the offering was increased to $750 million from the previously
announced $500 million. The Notes will be sold to investors at
par.
The Notes will be unsecured and will be guaranteed on a senior
unsecured basis by the Company and the Company’s domestic
subsidiaries that guarantee the Issuers’ outstanding $2.1 billion
senior unsecured notes and the Issuers’ senior secured credit
facility. Net proceeds from the offering of the Notes will be used
to pay the fees and expenses of the offering and to repay
outstanding amounts under the Issuers’ revolving credit facility.
The remainder of the net proceeds will be used to make a cash
distribution to the Company to fund share repurchases, dividends
and/or repayment of indebtedness. The closing of the Notes offering
is scheduled to occur on June 15, 2017, subject to customary
closing conditions.
The Notes have not been and will not be registered under 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 will be offered and sold in the United
States only to qualified institutional buyers in reliance on
Rule 144A under the Securities Act of 1933, as amended (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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170612006312/en/
Yum! Brands, Inc.Analysts are invited to contact:Keith Siegner,
888-298-6986Vice President, Investor Relations, Corporate Strategy
and TreasurerorKelly Knybel, 888-298-6986Director, Investor
RelationsorMembers of the media are invited to contact:Virginia
Ferguson, 502-874-8200Director, Public Relations
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