YUM! Brands $1 billion senior notes offering
The high-yield notes are due 2032
Davis Polk advised the representative of the underwriters in connection with an SEC-registered offering by YUM! Brands, Inc. of $1 billion aggregate principal amount of 5.375% senior notes due 2032.
Proceeds from the senior notes will be used to fund the redemption of the entire $600 million outstanding principal amount of YUM! Brands’ 7.75% senior notes due 2025 and for general corporate purposes.
YUM! Brands (NYSE: YUM), based in Louisville, Kentucky, is one of the world’s largest restaurant companies with over 53,000 restaurants in 157 countries and territories. YUM! Brands operates primarily under the brands of KFC, Taco Bell, Pizza Hut and The Habit Burger Grill.
The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Sarah Greene. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Chelsea Renter. The tax team included counsel Tracy L. Matlock and associate William Liang. The environmental team included counsel Loyti Cheng. All members of the Davis Polk team are based in the New York office.