Yum! Brands to sell $350 million 10-year senior notes off-the-shelf

By Paul A. Harris

St. Louis, Mo., June 21 - Yum! Brands, Inc. is on the road with an off-the-shelf offering of $350 million of senior notes due 2012 (Ba1/BB), according to a syndicate source. The deal is expected to price during the week of June 24.

Salomon Smith Barney and JP Morgan are joint bookrunners.

The deal will contain a make-whole call, according to the source, who added that the precise structure of that call remains to be determined.

The bond deal is coming concurrently with a new senior unsecured revolving credit facility. Proceeds will be used to repay bank debt under the new credit facility or if the new facility does not close prior to settlement to repay debt on the existing facility, according to the syndicate source.

The company, formerly known as Tricon Global, owns and franchises fast food operations including Pizza Hut, KFC and Long John Silver's and is headquartered in Louisville, Ky.

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