Yum! Brands to price $500 million 10-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., June 12 – Yum! Brands, Inc. plans to price $500 million of 10-year senior notes in a quick-to-market Monday transaction, according to a market source.

Goldman Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are managing the Rule 144A and Regulation S offering.

The notes come with five years of call protection.

The co-issuers are subsidiaries KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC.

The Louisville, Ky.-based fast food company plans to use the proceeds to repay bank debt.

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