Global Finance News
04 Sep 2025, 09:06
Yum! Brands to refinance Taco Bell securitized notes
Yum! Brands, Inc. (NYSE: YUM) announced its intention to refinance its Series 2016-1 Class A-2-III Fixed Rate Senior Secured Notes, issued through a subsidiary of Taco Bell under the company’s securitization financing facility backed by U.S. franchise royalties.
As of June 30, 2025, outstanding balances across the securitization facility included $938 million of the 2016-1 Class A-2-III Notes, $595 million of the 2018-1 Class A-2-II Notes, $884 million of the 2021-1 Class A-2-I Notes, $590 million of the 2021-1 Class A-2-II Notes, and $737 million of the 2021-1 Class A-2-III Notes.
The refinancing is expected to involve $1.0 billion of new senior term notes, with proceeds used to repay the 2016-1 Class A-2-III Notes, cover related expenses, and support general corporate purposes. Other series under the facility will remain outstanding.
The timing, interest rate, and completion of the refinancing remain subject to market conditions.
Yum! Brands, Inc. (NYSE: YUM) announced its intention to refinance its Series 2016-1 Class A-2-III Fixed Rate Senior Secured Notes, issued through a subsidiary of Taco Bell under the company’s securitization financing facility backed by U.S. franchise royalties.
As of June 30, 2025, outstanding balances across the securitization facility included $938 million of the 2016-1 Class A-2-III Notes, $595 million of the 2018-1 Class A-2-II Notes, $884 million of the 2021-1 Class A-2-I Notes, $590 million of the 2021-1 Class A-2-II Notes, and $737 million of the 2021-1 Class A-2-III Notes.
The refinancing is expected to involve $1.0 billion of new senior term notes, with proceeds used to repay the 2016-1 Class A-2-III Notes, cover related expenses, and support general corporate purposes. Other series under the facility will remain outstanding.
The timing, interest rate, and completion of the refinancing remain subject to market conditions.
