Yum! Brands said Taco Bell Funding, LLC issued Series 2025-1 4.821% Class A-2-I Notes of $1,000 million and 5.049% Class A-2-II Notes of $500 million on September 24, 2025.

1. 01

   Yum! Brands said Taco Bell Funding, LLC issued Series 2025-1 4.821% Class A-2-I Notes of $1,000 million and 5.049% Class A-2-II Notes of $500 million on September 24, 2025.

2. 02

   The company said it used the net proceeds to repay in full the Series 2016-1 Class A-2-III Notes, of which $938 million was outstanding. The remaining net proceeds will be distributed to Taco Bell Corp. to pay certain transaction-related expenses and for general corporate purposes.

3. 03

   Yum! Brands said the legal final maturity date of the Notes is August 2055, and the anticipated repayment dates for Class A-2-I and Class A-2-II are August 2030 and August 2032, respectively. Additional interest will accrue from and after the anticipated repayment date.

4. 04

   The company said that if the consolidated leverage ratio (the ratio of total debt to Net Cash Flow) for the preceding 4 fiscal quarters as of any quarterly measurement date exceeds 5.50x, amortization payments of 1% per year of the outstanding principal as of the closing of the related Notes are required.

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Original filing

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