---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-095069"
form_type: "8-K"
ticker: "YUM"
cik: "0001041061"
company_name: "YUM BRANDS INC"
filed_at: "2025-09-30T23:59:59+00:00"
generated_at: "2026-05-17T05:12:31.459062+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-095069
- form_type: 8-K
- ticker: YUM
- cik: 0001041061
- company_name: YUM BRANDS INC
- filed_at: 2025-09-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1041061/000110465925095069/0001104659-25-095069-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1041061/000110465925095069/tm2527093d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-095069
- JSON: https://secwatch.observer/filing/0001104659-25-095069.json
- Plain text: https://secwatch.observer/filing/0001104659-25-095069.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.