Yum! Brands Inc. on Sept. 4 said it priced its previously announced offering of senior notes, which it upsized to $800 million from the initially planned $600 million worth of notes.
The operator and franchiser of KFC, Taco Bell and Pizza Hut fast-food chains is now offering to issue and sell $800 million aggregate principal amount of its 4.750% senior notes due 2030.
Yum! Brands intends to use the net proceeds from the offering to repay $250 million of its 5.30% senior notes due 2019 and the outstanding borrowings under its revolving credit facility. The company will use the remainder of the proceeds to pay the fees and expenses of the offering and for general corporate purposes.
The company said the notes will be Yum! Brands' general unsecured senior obligations and will not be guaranteed by any of the company's subsidiaries.
The closing of the notes offering is scheduled for Sept. 11, subject to customary closing conditions.
