Yum! Brands, Inc. announced that certain subsidiaries that operate the Company’s KFC, Pizza Hut and Taco Bell businesses have closed the previously announced $2.5 billion new Senior Secured Credit Facilities and $2.1 billion senior unsecured notes offering. The new Senior Secured Credit Facilities consist of a $500 million 5-year term loan A facility and a $2.0 billion 7-year term loan B facility, along with an undrawn $1.0 billion 5-year revolving credit facility. The senior unsecured notes offering consists of $1.05 billion aggregate principal amount of 5.00% Senior Notes due 2024 and $1.05 billion aggregate principal amount of 5.25% Senior Notes due 2026

Net proceeds from the new Senior Secured Credit Facilities and the Notes offering will be used to fund a return of capital to shareholders, to repay borrowings under the Company’s existing revolving credit facility, to pay associated transaction fees and expenses, and for general corporate purposes.