YUM! Brands to price $1.05 billion bullet notes due March 2031 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Sept. 9 – YUM! Brands, Inc. plans to price $1.05 billion of senior bullet notes due March 2031 (existing ratings B1/B+) in a Wednesday drive-by, according to market sources.

Initial talk has the public deal coming to yield in the high 3% area, a trader said.

Goldman Sachs & Co. LLC is the left bookrunner. Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Securities Inc. are the joint bookrunners.

Senior co-managers are Morgan Stanley & Co. LLC, Barclays, Fifth Third Securities Inc. and MUFG.

Co-managers are ICBC Standard Bank, Scotia Capital (USA) Inc., ING Financial Markets LLC, Rabo Securities, Siebert Williams Shank & Co. LLC.

The notes feature a par call 90 days from maturity but are otherwise non-callable.

The Louisville, Ky.-based fast food company plans to use the proceeds to redeem all of its outstanding 5% senior notes due 2024.

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