Yum! Brands will now include early payment for all notes purchased in offer for 7.7% notes

By Angela McDaniels

Tacoma, Wash., May 14 - Yum! Brands Inc. amended the tender offer for its $400 million of 7.7% senior notes due July 1, 2012 so that all holders whose notes are accepted will receive the early tender payment of $40.00 per $1,000 principal amount of notes, according to a company news release.

Prior to the change, only holders who tendered by 5 p.m. ET on May 13, the early tender deadline, would have received the early tender payment.

The offer began on April 30 and will expire at 11:59 p.m. ET on May 28.

The company is offering to purchase up to $150 million of the notes. As of 5 p.m. ET on May 13, holders had tendered $129 million of the notes.

Pricing will be set at 2 p.m. ET on May 26 and will be calculated using the bid-side yield on the 1.75% Treasury due March 31, 2014.

The company will also pay accrued interest.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-5183) and J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-3424) are the dealer managers. Continental Stock Transfer & Trust Co. is the depositary, and Okapi Partners LLC (877 796-5274 or call collect 212 297-0720) is the information agent.

Yum! Brands is a Louisville, Ky.-based restaurant company.

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