Yum! Brands $1.97 Billion Senior Secured Refinancing Term Loan Facility

Davis Polk advised (i) the joint lead arranger, administrative agent and collateral agent, the joint lead arrangers and joint bookrunners and the documentation agent in connection with a $1.97 billion senior secured refinancing term B loan credit 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 B 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 finance team included partner Meyer C. Dworkin and associates A. McLean Crichton, Michael P. Raymond and William Son. All members of the Davis Polk team are based in the New York office.