YUM! BRANDS,INC. (NYSE:YUM) Files An 8-K Entry into a Material Definitive Agreement

YUM! BRANDS,INC. (NYSE:YUM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

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On April3, 2018, Pizza Hut Holdings, LLC, KFC Holding Co. and Taco Bell of America, LLC (collectively, the “Borrowers”), each a wholly owned subsidiary of YUM! Brands,Inc. (“YUM” or the “Company”), entered into a Refinancing Amendment (the “Amendment”) to the Credit Agreement, dated as of June16, 2016 (as amended by Refinancing Amendment No.1 dated as of March21, 2017 and Refinancing Amendment No.2 dated as of June7, 2017, the “Credit Agreement”), among the Borrowers, JPMorgan Chase Bank, N.A., as Collateral Agent, Swing Line Lender, an L/C Issuer and Administrative Agent, and the Lenders from time to time party thereto, to which the Company repriced its existing approximately $2.0billion Term Loan B facility (the “Term B Loan”). The Amendment reduces the interest rate applicable to the Term B Loan by 0.25% to adjusted LIBOR plus 1.75% and extends the maturity date for the Term B Loan to April3, 2025. All other material provisions of the Credit Agreement remain unchanged.

The description of the Amendment set forth above is a summary only, is not complete and is qualified in its entirety by reference to the full and complete terms contained in the Amendment, a copy of which is attached as Exhibit10.1 to this Current Report on Form8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

ExhibitNo.

Description

10.1

Refinancing Amendment, dated as of April3, 2018, to Credit Agreement dated as of June16, 2016 among Pizza Hut Holdings, LLC, KFC Holding Co. and Taco Bell of America, LLC, as borrowers, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent, Swing Line Lender, an L/C Issuer and Administrative Agent for the Lenders.


YUM BRANDS INC Exhibit
EX-10.1 2 a18-9774_1ex10d1.htm EX-10.1 Exhibit 10.1   EXECUTION VERSION   REFINANCING AMENDMENT (this “Refinancing Amendment”),…
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About YUM! BRANDS,INC. (NYSE:YUM)

YUM! Brands, Inc. (YUM) is engaged in restaurant business. The Company develops, operates, franchises and licenses an across the world system of restaurants, which prepare, package and sell a menu of food items, primarily through the three concepts of KFC, Pizza Hut and Taco Bell (the Concepts). YUM’s segments include The KFC Division, which includes all operations of the KFC concept outside of China Division; The Pizza Hut Division, which includes all operations of the Pizza Hut concept outside of China Division, and the Taco Bell Division, which includes all operations of the Taco Bell concept. As of September 3, 2016, the Company had approximately 43,000 restaurants in 135 countries and territories, through the concepts of KFC, Pizza Hut and Taco Bell. The Company’s concepts are focused on the chicken, pizza and Mexican-style food categories, respectively.

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