Yum! Brands gets tenders for $137.07 million of its 7.7% notes

By Susanna Moon

Chicago, May 29 - Yum! Brands Inc. said holders tendered $137,065,000 principal amount of its $400 million of 7.7% senior notes due July 1, 2012 in the offer for up to $150 million of notes.

The tender offer expired at 11:59 p.m. ET on May 28. It began on April 30.

The settlement date was Friday.

Yum! said on May 27 that it would pay $1,068.10 for each $1,000 principal amount of notes tendered. The payout includes an early tender payment of $40.00 per $1,000 principal amount. Holders will also receive accrued interest up to but excluding the settlement date.

Pricing was set on May 26 using the bid-side price on the 1.75% Treasury note due March 31, 2014 plus 305 basis points.

As previously reported, the offer was amended so that all holders whose notes are accepted will receive the early tender payment. Prior to the change, only holders who tendered by May 13, the early tender deadline, would have received the early tender payment.

As of 5 p.m. ET on May 13, holders had tendered $129 million of the notes.

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) were the dealer managers. Okapi Partners LLC (877 796-5274 or call collect 212 297-0720) was the information agent.

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

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