YUM! Brands $1.05 Billion Senior Notes Offering

Davis Polk advised the representative of the underwriters in connection with an SEC-registered offering by YUM! Brands, Inc. of $1.05 billion aggregate principal amount of 3.625% senior notes due 2031.

Proceeds from the senior notes will be used to fund the redemption of the entire $1.05 billion outstanding principal amount of YUM! Brands’ 5.00% senior notes due 2024.

YUM! Brands (NYSE: YUM), based in Louisville, Kentucky, is one of the world’s largest restaurant companies with over 50,000 restaurants in more than 150 countries and territories. YUM! Brands operates the licensed brands of Taco Bell, KFC and Pizza Hut.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Craig D. Kennedy. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Michael V. Policastro. The tax team included partner Patrick E. Sigmon and associate Sunny Kim. The environmental team included counsel Loyti Cheng and associate Michael Comstock. All members of the Davis Polk team are based in the New York office.