Yum! Brands to refinance $938M Series 2016-1 notes with $1.0B new securitization notes

YUM BRANDS INC

Series 2016-1 Class A-2-III Notes had approx $938M balance as of June 30, 2025.
New $1.0B notes will repay the 2016-1 notes, pay expenses, and fund general corporate purposes.
Other series (2018-1, 2021-1 Class A-2-I/II/III) totaling $2.806B remain outstanding.
No assurance on timing, rate, or completion; offering under Rule 144A/Reg S only.
Securitization facility backed by Taco Bell U.S. franchise royalties.

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