YUM! Brands $1.1 billion senior notes offering
We advised the underwriters on the high-yield debt offering

Davis Polk advised the underwriters in connection with an SEC-registered offering by YUM! Brands, Inc. of $1.1 billion aggregate principal amount of 4.625 % senior notes due 2032.

Proceeds from the senior notes will be used to fund the redemption of the entire $1.05 billion outstanding principal amount of YUM! Brands’ 5.25% senior notes due 2026.

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 primarily under the brands of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associates Craig D. Kennedy and Jennifer Duffy. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Chelsea Renter. The tax team included counsel Kiara L. Rankin. The environmental team included counsel Loyti Cheng and associate Michael Comstock. Members of the Davis Polk team are based in the New York and London offices.