Yum! Brands said its special purpose subsidiary Taco Bell Funding, LLC has agreed to issue and sell Series 2025-1 4.821% Class A-2-I Notes in the aggregate principal amount of $1,000 million and 5.049% Class A-2-II Notes in the aggregate principal amount of $500 million under a Purchase Agreement entered into on September 9, 2025.

8-KOther EventsFiled Sep 10, 2025Period of report Sep 9, 2025Summary published (UTC) Oct 12, 2026

Key points

AI summary

Yum! Brands said its special purpose subsidiary Taco Bell Funding, LLC has agreed to issue and sell Series 2025-1 4.821% Class A-2-I Notes in the aggregate principal amount of $1,000 million and 5.049% Class A-2-II Notes in the aggregate principal amount of $500 million under a Purchase Agreement entered into on September 9, 2025.
The company said the legal final maturity date of the Notes will be in August 2055, and the anticipated repayment dates of the Class A-2-I Notes and the Class A-2-II Notes will be in August 2030 and August 2032, respectively. Interest will be payable quarterly.
Yum! Brands said the Issuer owns substantially all of the U.S. franchising assets of Taco Bell and will use cash flows generated from those assets to make interest and principal payments on the Notes. The company said it expects to use the proceeds of the Notes for the repayment in full of the Issuer's outstanding Series 2016-1 Class A-2-III Notes.
Yum! Brands said the remaining net proceeds will be distributed to Taco Bell Corp. to pay certain transaction-related expenses, for general corporate purposes and for repayment of outstanding borrowings of the revolving credit facility of Yum! Brands, Inc., and may also be used to return capital to shareholders of Yum! Brands, Inc. The company said the closing of the sale of the Notes is expected on September 24, 2025.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Taco Bell Funding to Issue Two Series of Senior Secured Notes

Yum! Brands said its special purpose subsidiary Taco Bell Funding, LLC has agreed to issue and sell Series 2025-1 4.821% Class A-2-I Notes in the aggregate principal amount of $1,000 million and 5.049% Class A-2-II Notes in the aggregate principal amount of $500 million under a Purchase Agreement entered into on September 9, 2025.

Source · Based on the filing body and exhibits

Maturity Date and Anticipated Repayment Dates of Notes

The company said the legal final maturity date of the Notes will be in August 2055, and the anticipated repayment dates of the Class A-2-I Notes and the Class A-2-II Notes will be in August 2030 and August 2032, respectively. Interest will be payable quarterly.

Source · Based on the filing body and exhibits

Sources of Principal and Interest Payments and Use of Proceeds

Yum! Brands said the Issuer owns substantially all of the U.S. franchising assets of Taco Bell and will use cash flows generated from those assets to make interest and principal payments on the Notes. The company said it expects to use the proceeds of the Notes for the repayment in full of the Issuer's outstanding Series 2016-1 Class A-2-III Notes.

Source · Based on the filing body and exhibits

Use of Remaining Net Proceeds and Expected Closing Date

Yum! Brands said the remaining net proceeds will be distributed to Taco Bell Corp. to pay certain transaction-related expenses, for general corporate purposes and for repayment of outstanding borrowings of the revolving credit facility of Yum! Brands, Inc., and may also be used to return capital to shareholders of Yum! Brands, Inc. The company said the closing of the sale of the Notes is expected on September 24, 2025.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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