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