Yum! $2.3 billion two-part deal to price in week ahead via Goldman

By Paul A. Harris

Portland, Ore., May 27 – Yum! Brands, Inc. announced in a Friday press release that it intends to place $2.3 billion of senior notes in two tranches, with maturities in 2024 and 2026.

The deal (B1/BB) will be led by Goldman Sachs & Co. and is expected to price on Thursday, June 2, a trader said.

No further details about the marketing or structure of the deal were available at press time.

Proceeds from the Rule 144A and Regulation S offer, along with proceeds from $2.3 billion of new bank debt, will be used to fund a return of capital to shareholders, as well as to repay revolver debt and for general corporate purposes.

Louisville, Ky.-based Yum! is a fast food company whose operations include KFC, Pizza Hut and Taco Bell.

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