YUM! Brands prices $1.5B securitized notes via Taco Bell Funding subsidiary

YUM BRANDS INC

$1,000M of 4.821% fixed-rate senior secured notes (Class A-2-I) and $500M of 5.049% notes (Class A-2-II).
Anticipated repayment dates: August 2030 (Class A-2-I) and August 2032 (Class A-2-II); legal final maturity August 2055.
Proceeds will repay outstanding Series 2016-1 notes; remaining net proceeds for general corporate purposes, debt repayment, or shareholder returns.
Closing expected September 24, 2025, subject to conditions; notes sold via Rule 144A/Reg S private placement.

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