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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yum Brands Inc | NYSE:YUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.27 | -0.20% | 135.91 | 136.51 | 135.73 | 136.50 | 1,922,337 | 01:00:00 |
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||
Title of Securities
to be registered(1) |
| | |
Amount
to be Registered |
| | |
Maximum
Offering Price Per Unit |
| | |
Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee(1) |
| | | | | ||||||||||||||||||||
3.625% Notes due 2031
|
| | | | $ | 1,050,000,000 | | | | | | | 100.000% | | | | | | $ | 1,050,000,000 | | | | | | $ | 136,290.00 | | | | | | |
| | |
Price to
Public(1) |
| |
Underwriting
Discount |
| |
Proceeds, before
expenses, to YUM |
| |||||||||
Per Note
|
| | | | 100.000% | | | | | | 1.000% | | | | | | 99.000% | | |
Total
|
| | | $ | 1,050,000,000 | | | | | $ | 10,500,000 | | | | | $ | 1,039,500,000 | | |
|
Goldman Sachs & Co. LLC
|
| |
Wells Fargo Securities
|
| |
Citigroup
|
| |
J.P. Morgan
|
| |
BofA Securities
|
|
|
Morgan Stanley
|
| |
Barclays
|
| |
Fifth Third Securities
|
| |
MUFG
|
|
|
ICBC Standard Bank
|
| |
Scotiabank
|
| |
ING
|
| |
Rabo Securities
|
|
|
Siebert Williams Shank
|
|
| | |
Page
|
| |||
Prospectus Supplement | | | | | | | |
| | | | S-ii | | | |
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-iii | | | |
| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-11 | | | |
| | | | S-17 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-23 | | | |
| | | | S-29 | | | |
| | | | S-34 | | | |
| | | | S-38 | | | |
Prospectus | | | | | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 8 | | | |
| | | | 10 | | | |
| | | | 10 | | |
| | |
Fiscal Year Ended
December 31,(1)(2) |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2019
|
| |
2019
|
| |
2020(3)
|
| |||||||||||||||
| | |
(dollars in millions, except unit amounts)
|
| |||||||||||||||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company sales
|
| | | $ | 3,572 | | | | | $ | 2,000 | | | | | $ | 1,546 | | | | | $ | 692 | | | | | $ | 758 | | |
Franchise and property revenues
|
| | | | 2,306 | | | | | | 2,482 | | | | | | 2,660 | | | | | | 1,245 | | | | | | 1,121 | | |
Franchise contributions for advertising and other
services |
| | | | — | | | | | | 1,206 | | | | | | 1,391 | | | | | | 627 | | | | | | 582 | | |
Total revenues
|
| | | | 5,878 | | | | | | 5,688 | | | | | | 5,597 | | | | | | 2,564 | | | | | | 2,461 | | |
Company restaurant expenses
|
| | | | 2,954 | | | | | | 1,634 | | | | | | 1,235 | | | | | | 558 | | | | | | 647 | | |
General and administrative expenses
|
| | | | 999 | | | | | | 895 | | | | | | 917 | | | | | | 409 | | | | | | 467 | | |
Franchise and property expenses
|
| | | | 237 | | | | | | 188 | | | | | | 180 | | | | | | 81 | | | | | | 94 | | |
Franchise advertising and other services expense
|
| | | | — | | | | | | 1,208 | | | | | | 1,368 | | | | | | 616 | | | | | | 574 | | |
Refranchising (gain) loss
|
| | | | (1,083) | | | | | | (540) | | | | | | (37) | | | | | | (10) | | | | | | (21) | | |
Other (income) expense
|
| | | | 10 | | | | | | 7 | | | | | | 4 | | | | | | 6 | | | | | | 150 | | |
Total costs and expenses, net
|
| | | | 3,117 | | | | | | 3,392 | | | | | | 3,667 | | | | | | 1,660 | | | | | | 1,911 | | |
Operating profit
|
| | | | 2,761 | | | | | | 2,296 | | | | | | 1,930 | | | | | | 904 | | | | | | 550 | | |
Investment (income) expense, net
|
| | | | (5) | | | | | | (9) | | | | | | 67 | | | | | | (9) | | | | | | (57) | | |
Other pension (income) expense
|
| | | | 47 | | | | | | 14 | | | | | | 4 | | | | | | 3 | | | | | | 5 | | |
Interest expense, net
|
| | | | 445 | | | | | | 452 | | | | | | 486 | | | | | | 234 | | | | | | 250 | | |
Income before income taxes
|
| | | | 2,274 | | | | | | 1,839 | | | | | | 1,373 | | | | | | 676 | | | | | | 352 | | |
Income tax provision
|
| | | | 934 | | | | | | 297 | | | | | | 79 | | | | | | 125 | | | | | | 63 | | |
Net Income
|
| | | $ | 1,340 | | | | | $ | 1,542 | | | | | $ | 1,294 | | | | | $ | 551 | | | | | $ | 289 | | |
Statement of Cash Flows Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital spending
|
| | | $ | 318 | | | | | $ | 234 | | | | | $ | 196 | | | | | $ | 76 | | | | | $ | 67 | | |
Depreciation and amortization
|
| | | | 253 | | | | | | 137 | | | | | | 112 | | | | | | 54 | | | | | | 53 | | |
Proceeds from refranchising of restaurants
|
| | | | 1,773 | | | | | | 825 | | | | | | 110 | | | | | | 25 | | | | | | 3 | | |
Other Financial and Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company-owned units(4) | | | | | 1,481 | | | | | | 856 | | | | | | 913 | | | | | | 859 | | | | | | 1,144 | | |
Franchised units(4) | | | | | 43,603 | | | | | | 47,268 | | | | | | 49,257 | | | | | | 47,910 | | | | | | 49,249 | | |
System sales(5)
|
| | | $ | 46,694 | | | | | $ | 49,237 | | | | | $ | 52,584 | | | | | $ | 24,657 | | | | | $ | 22,409 | | |
Financing EBITDA(6)
|
| | | $ | 2,064 | | | | | $ | 1,958 | | | | | $ | 2,117 | | | | | $ | 991 | | | | | $ | 837 | | |
| | |
For the Fiscal Year Ended
December 31, |
| |
For the Six Months
Ended June 30, |
| ||||||||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2019
|
| |
2019
|
| |
2020
|
| |||||||||||||||
| | |
(dollars in millions)
|
| |||||||||||||||||||||||||||
Reconciliation of Financing EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income
|
| | | $ | 1,340 | | | | | $ | 1,542 | | | | | $ | 1,294 | | | | | $ | 551 | | | | | $ | 289 | | |
Income tax provision
|
| | | | 934 | | | | | | 297 | | | | | | 79 | | | | | | 125 | | | | | | 63 | | |
Investment (income) expense, net
|
| | | | (5) | | | | | | (9) | | | | | | 67 | | | | | | (9) | | | | | | (57) | | |
Other pension (income) expense
|
| | | | 47 | | | | | | 14 | | | | | | 4 | | | | | | 3 | | | | | | 5 | | |
Interest expense, net
|
| | | | 445 | | | | | | 452 | | | | | | 486 | | | | | | 234 | | | | | | 250 | | |
GAAP Operating Profit
|
| | | $ | 2,761 | | | | | $ | 2,296 | | | | | $ | 1,930 | | | | | $ | 904 | | | | | $ | 550 | | |
Special Items (Income) Expense – Operating
Profit(a) |
| | | | (1,001) | | | | | | (530) | | | | | | 11 | | | | | | 1 | | | | | | 199 | | |
Depreciation and amortization
|
| | | | 253 | | | | | | 137 | | | | | | 112 | | | | | | 54 | | | | | | 53 | | |
Share-based compensation(b)
|
| | | | 47 | | | | | | 53 | | | | | | 59 | | | | | | 31 | | | | | | 29 | | |
Impairment charges(c)
|
| | | | 4 | | | | | | 2 | | | | | | 5 | | | | | | 1 | | | | | | 6 | | |
Financing EBITDA
|
| | | $ | 2,064 | | | | | $ | 1,958 | | | | | $ | 2,117 | | | | | $ | 991 | | | | | $ | 837 | | |
| | |
For the Fiscal Year Ended
December 31, |
| |
For the Six Months
Ended June 30, |
| ||||||||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2019
|
| |
2019
|
| |
2020
|
| |||||||||||||||
| | |
(dollars in millions)
|
| |||||||||||||||||||||||||||
Details of Special Items: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Refranchising gain (loss)(a)
|
| | | $ | 1,083 | | | | | $ | 540 | | | | | $ | 12 | | | | | $ | 10 | | | | | $ | 6 | | |
Impairment of Habit Burger Grill goodwill(b)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (139) | | |
Costs associated with acquisition and integration of Habit Burger Grill(c)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | |
Unlocking Opportunity Initiative contribution(d)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (50) | | |
Costs associated with Pizza Hut U.S. Transformation
Agreement(e) |
| | | | (31) | | | | | | (6) | | | | | | (13) | | | | | | (2) | | | | | | (3) | | |
Costs associated with KFC U.S. Acceleration Agreement(f)
|
| | | | (17) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | |
YUM’s Strategic Transformation Initiatives(g)
|
| | | | (23) | | | | | | (8) | | | | | | — | | | | | | — | | | | | | — | | |
Non-cash credits (charges) associated with share-based compensation(h)
|
| | | | (18) | | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | |
Other Special Items Income (Expense)(i)
|
| | | | 7 | | | | | | 3 | | | | | | (10) | | | | | | (9) | | | | | | (4) | | |
Special Items Income (Expense) – Operating Profit
|
| | | $ | 1,001 | | | | | $ | 530 | | | | | $ | (11) | | | | | $ | (1) | | | | | $ | (199) | | |
|
| | |
As of
June 30, 2020 |
| |||||||||||||||
| | |
Actual
|
| |
(Unaudited)
Pro forma |
| |
(Unaudited)
Pro forma, as adjusted |
| |||||||||
| | |
(dollars in millions)
|
| |||||||||||||||
Cash and cash equivalents(1)
|
| | | $ | 1,243 | | | | | $ | 955 | | | | | $ | 916 | | |
Parent Outstanding Notes
|
| | | | 3,025 | | | | | | 3,025 | | | | | | 3,025 | | |
3.625% Notes offered hereby
|
| | | | — | | | | | | — | | | | | | 1,050 | | |
Debt of Subsidiaries:(2) | | | | | | | | | | | | | | | | | | | |
Senior Secured Credit Facilities:
|
| | | | | | | | | | | | | | | | | | |
Revolving credit facility(3)
|
| | | | 575 | | | | | | 287 | | | | | | 287 | | |
Term loan A
|
| | | | 450 | | | | | | 450 | | | | | | 450 | | |
Term loan B
|
| | | | 1,926 | | | | | | 1,926 | | | | | | 1,926 | | |
Senior Notes
|
| | | | 2,850 | | | | | | 2,850 | | | | | | 1,800 | | |
Finance lease obligations
|
| | | | 71 | | | | | | 71 | | | | | | 71 | | |
Total debt of Restricted Group
|
| | | | 5,872 | | | | | | 5,584 | | | | | | 4,534 | | |
Taco Bell Securitization Notes
|
| | | | 2,883 | | | | | | 2,883 | | | | | | 2,883 | | |
Total debt(2)
|
| | | | 11,780 | | | | | | 11,492 | | | | | | 11,492 | | |
Total shareholders’ deficit
|
| | | | (8,108) | | | | | | (8,108) | | | | | | (8,108) | | |
Total capitalization
|
| | | $ | 3,672 | | | | | $ | 3,384 | | | | | $ | 3,384 | | |
Name
|
| |
Principal
Amount of Notes |
| |||
Goldman Sachs & Co. LLC
|
| | | $ | 262,500,000 | | |
Wells Fargo Securities, LLC
|
| | | | 126,000,000 | | |
Citigroup Global Markets Inc.
|
| | | | 126,000,000 | | |
J.P. Morgan Securities LLC
|
| | | | 126,000,000 | | |
BofA Securities, Inc.
|
| | | | 126,000,000 | | |
Morgan Stanley & Co. LLC
|
| | | | 47,250,000 | | |
Barclays Capital Inc.
|
| | | | 47,250,000 | | |
Fifth Third Securities, Inc.
|
| | | | 47,250,000 | | |
MUFG Securities Americas Inc.
|
| | | | 47,250,000 | | |
ICBC Standard Bank Plc
|
| | | | 21,000,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 21,000,000 | | |
ING Financial Markets LLC
|
| | | | 21,000,000 | | |
Rabo Securities USA, Inc.
|
| | | | 21,000,000 | | |
Siebert Williams Shank & Co., LLC
|
| | | | 10,500,000 | | |
Total
|
| | | $ | 1,050,000,000 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Underwriting discount for the Notes:
|
| | | | 1.000% | | | | | $ | 10,500,000 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 10 | | |
1 Year Yum Brands Chart |
1 Month Yum Brands Chart |
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