Taco Bell Funding closes $1.5B securitized note issuance; refinances $938M in existing notes

YUM BRANDS INC

Issued $1.0B of 4.821% Series 2025-1 Class A-2-I notes and $500M of 5.049% Class A-2-II notes.
Net proceeds used to repay $938M of Series 2016-1 Class A-2-III notes; remaining funds for TBC general corporate purposes.
Anticipated repayment date for Class A-2-I notes is August 2030; Class A-2-II notes in August 2032; legal final maturity August 2055.
Notes are secured by substantially all U.S. Taco Bell franchise agreements, royalties, and related IP.
Transaction includes amendments to base indenture and management agreement effective upon full repayment of older series.

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