Yum! Brands, Inc. Announces Proposed Notes Offering
May 27 2016 - 9:15AM
Business Wire
Yum! Brands, Inc. (NYSE: YUM) (the “Company”) today announced
that certain subsidiaries that operate the Company’s KFC, Pizza Hut
and Taco Bell businesses have commenced an offering of up to $2.3
billion aggregate principal amount of Senior Unsecured Notes in two
tranches, with maturities in 2024 and 2026 (collectively, the
“Notes”). The Notes offering is part of the Company’s previously
announced plan to incur $4.6 billion of new debt.
The Notes will be guaranteed on a senior unsecured basis by the
Company and the Company’s domestic subsidiaries that will guarantee
its previously announced new Senior Secured Credit Facility. Net
proceeds from the offering of the Notes, together with the proceeds
from the Senior Secured Credit Facility, will be used to fund a
return of capital to shareholders, repay borrowings under the
Company’s existing revolving credit facility, pay associated
transaction fees and expenses, and for general corporate
purposes.
Consummation of the offering of the Notes and the new Senior
Secured Credit Facility are subject to market and other conditions,
and there can be no assurance that these financing transactions
will be successfully completed on the terms described above, or at
all.
The Notes have not and will not be registered under the
Securities Act or any state securities laws, and may not be offered
or sold in the United States or to U.S. persons absent registration
or an applicable exemption from such registration requirements.
Accordingly, the Notes will be offered and sold in the United
States only to qualified institutional buyers in reliance on Rule
144A under the Securities Act of 1933, as amended (the “Securities
Act”) and to non-U.S. persons in offshore transactions outside the
United States in accordance with Regulation S under the Securities
Act. This release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the Notes in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160527005388/en/
Yum! Brands, Inc.Analysts:Donny Lau, 888-298-6986Senior
Director, Investor Relations & Corporate StrategyorElizabeth
Grenfell, 888-298-6986Director, Investor RelationsorMedia:Virginia
Ferguson, 502-874-8200Director, Public Relations
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Apr 2024 to May 2024
Yum Brands (NYSE:YUM)
Historical Stock Chart
From May 2023 to May 2024