YUM said on April April 26, 2024 that it refinanced its existing term loan A facility of about $713 million and its $1.25 billion revolving facility, issuing a $500 million term loan A and a $1.5 billion revolving credit facility.

1. 01

   YUM said on April April 26, 2024 that it refinanced its existing term loan A facility of about $713 million and its $1.25 billion revolving facility, issuing a $500 million term loan A and a $1.5 billion revolving credit facility.

2. 02

   The company said the Term A Loan and the Revolving Facility will mature on the earliest of April 26, 2029, 91 days before the maturity of the existing term loan B if more than $250 million of that loan remains outstanding, and 91 days before the maturity of the existing senior notes if more than $250 million of those notes remains outstanding.

3. 03

   The company said the interest rates were unchanged by the Amendment, and the spread on Adjusted Term SOFR loans is initially 0.75% (ranging from 0.75% to 1.50%). It said the Term A Loan will amortize at 2.5% per year in years 2 and 3, and at 5.0% per year in years 4 and 5.

4. 04

   The company said the Amendment removes the excess cash flow mandatory prepayment requirement and the most-favored-nation requirement for the Term A Loan, and increases the swing line sublimit. The borrowers are Pizza Hut Holdings, LLC, KFC Holding Co. and Taco Bell of America, LLC.

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Original filing

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