Yum! Brands $1.5 Billion Senior Secured Refinancing Facilities

Davis Polk advised the joint lead arrangers, joint bookrunners, administrative agent and collateral agent in connection with a $1 billion senior secured refinancing revolving credit facility and a $500 million senior secured refinancing term loan A facility for KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC, domestic subsidiaries of Yum! Brands, Inc. Proceeds of the facility were used to reprice and refinance the existing term A and revolving loans.

Yum! Brands, based in Louisville, Kentucky, is one of the world’s largest restaurant companies with over 42,000 restaurants in more than 130 countries and territories. Yum! Brands operates the licensed brands of Taco Bell, KFC and Pizza Hut.

The Davis Polk credit team included partner Meyer C. Dworkin and associates Jeong M. Oh and A. McLean Crichton. All members of the Davis Polk team are based in the New York office.

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