YUM! Brands $600 Million Senior Notes Offering

Davis Polk advised the representative of the initial purchasers on a Rule 144A/Regulation S offering by YUM! Brands, Inc. of $600 million aggregate principal amount of 7.75% senior notes due 2025.

Proceeds from the senior notes will be used for general corporate purposes.

YUM! Brands, 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 Roman Shapurko. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Gianna C. Walton. 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.