Yum! Brands begins cash tender offer for up to $150 million of $400 million 7.7% notes

By Jennifer Chiou

New York, April 30 - Yum! Brands Inc. said it launched a cash tender offer to purchase up to $150 million of its $400 million of 7.7% senior notes due July 1, 2012.

The offer ends at 11:59 p.m. ET on May 28, and the early tender deadline is 5 p.m. ET on May 13.

Pricing will be set at 2 p.m. ET on May 26 and will be calculated using the bid-side yield on the 1.75% Treasury due March 31, 2014.

The company will pay a $40 per $1,000 principal amount early tender payment, which will be included in the payout, and will also pay accrued interest.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-5183) and J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-3424) are the dealer managers. Continental Stock Transfer & Trust Co. is the depositary and Okapi Partners LLC is the information agent (877 796-5274 or call collect 212 297-0720).

Yum! Brands is a Louisville, Ky.-based restaurant company.

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