Financial Releases – Yum! Brands http://www.yum.com A World with More Yum! Fri, 17 Nov 2017 01:17:35 +0000 en-US hourly 1 https://wordpress.org/?v=4.4.2 PIZZA HUT NAMED MOST TRUSTED FOOD SERVICE BRAND IN INDIA BY THE ECONOMIC TIMES FOR FIFTH YEAR http://www.yum.com/pizza-hut-named-trusted-food-service-brand-india-economic-times-fifth-year-pizza-hut-restaurant-place-top-20-service-brands-list-louisville-ky-june-25-2009/ http://www.yum.com/pizza-hut-named-trusted-food-service-brand-india-economic-times-fifth-year-pizza-hut-restaurant-place-top-20-service-brands-list-louisville-ky-june-25-2009/#respond Tue, 19 Apr 2016 20:24:09 +0000 http://www.yum.com/?p=3260 ... Read more »]]> PIZZA HUT NAMED MOST TRUSTED FOOD SERVICE BRAND IN INDIA BY THE ECONOMIC TIMES FOR FIFTH YEAR

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PIZZA HUT THE ONLY RESTAURANT TO PLACE IN TOP 20 SERVICE BRANDS LIST

LOUISVILLE, KY, June 25, 2009 – The Economic Times’(India) Brand Equity Most Trusted Brands 2009 annual survey has named Pizza Hut the “Most Trusted Food Service Brand’ in India for the fifth year, ahead of all other Indian and global brands. Pizza Hut is also the only restaurant company to place in the Top 20 Service Brands list. Pizza Hut India is part of Yum! Restaurants International (YRI), a division of Yum! Brands, Inc. (NYSE:YUM), the world’s largest restaurant company in terms of system units.

“Congratulations to our entire team in India,” said Graham Allan, president, Yum! Restaurants International. “I salute our employees and franchisees for their hard work, their passion and their professionalism, all of which have been instrumental in making Pizza Hut the most trusted food service brand for the past five years. India is an important emerging market for us. Both Pizza Hut and KFC are proving very popular with consumers and we have high hopes for Taco Bell as well. We continue to make significant investments in India as part of our plan to capitalize on this large and rapidly growing market of more than 1 billion people,” added Allan.

The Brand Equity Most Trusted Brands survey, which appears in The Economic Times’ June 17 edition, ranks the brands that have earned the trust and loyalty of consumers across India. The survey, conducted by ACNielsen’s ORG–MARG market research company, asked more than 8,000 participants, across different socio–economic, age, income and geographic backgrounds, various questions in order to determine each company’s overall trust score about the brands that consumers believe provide quality, consistency and reassurance.

“We are honored to be named the most trusted food service brand in India for the fifth year,” said Niren Chaudhary, managing director, Yum! Restaurants International India. “The recognition reflects Pizza Hut’s leading reputation in India and consumers’ enthusiasm for the Brand and demonstrates how we have successfully developed a strong infrastructure, highly skilled workforce and an innovative, localized menu. This honor also recognizes the hard work of our passionate franchisees and Customer Maniacs in our restaurants who help provide outstanding service to our customers daily.”

Over the past 11 years, Yum! has become the largest and fastest growing restaurant company in India. As of the first quarter 2009 earnings, the Company had 156 Pizza Huts in 35 cities and 45 KFCs in 11 cities. YRI, based in Dallas, Texas, is the largest division of Yum! Brands with more than 12,800 restaurants outside the U.S. (excluding Yum! China Division). One of Yum! Brands’ four key business strategies is to drive aggressive international expansion and build strong brands everywhere. In 2008, operating profit for YRI was $528 million. In each of the last nine years, YRI has opened more than 700 new restaurants outside the U.S. and China.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system restaurants, with more than 36,000 restaurants in over 110 countries and territories. The company is ranked #239 on the Fortune 500 List, with revenues in excess of $11 billion in 2008. Four of the company’s restaurant brands – KFC, Pizza Hut, Taco Bell and Long John Silver’s – are the global leaders of the chicken, pizza, Mexican–style food and quick–service seafood categories, respectively. Outside the United States, the Yum! Brands system opened more than four new restaurants each day of the year, making it the largest retail developer in the world. The company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns. For the second year, the company launched the world’s largest private sector hunger relief effort in partnership with the United Nations World Food Programme and other hunger relief agencies. To date, this effort is helping to save approximately 4 million people in remote corners of the world, where hunger is most prevalent.

Analysts are invited to contact:
Tim Jerzyk, Senior Vice President and Treasurer, at 888/298-6986
Bruce Bishop, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502/874-8200

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Yum! Brands Expects Full-Year 2015 EPS Growth of At Least 10%; Will Host Investor Update Meeting on Thursday, December 11, 2014 http://www.yum.com/yum-brands-expects-full-year-2015-eps-growth-of-at-least-10-will-host-investor-update-meeting-on-thursday-december-11-2014/ http://www.yum.com/yum-brands-expects-full-year-2015-eps-growth-of-at-least-10-will-host-investor-update-meeting-on-thursday-december-11-2014/#respond Tue, 09 Dec 2014 15:20:58 +0000 http://www.yum.com/?p=2346 ... Read more »]]> LOUISVILLE, KY, December 9, 2014 – Yum! Brands Inc. (NYSE: YUM), in advance of its Annual Investor Meeting, now estimates mid-single-digit full-year 2014 EPS growth versus prior year, excluding Special Items. Yum! expects to deliver at least 10% EPS growth in 2015, excluding Special Items.

Greg Creed, CEO effective January 1, 2015, said, “We are firmly committed to returning to double-digit EPS growth in 2015, delivering at least 10% growth with the potential to do significantly better. We fully expect to bounce-back in China and benefit from tremendous sales leverage as sales rebound. We have solid plans to drive same-store sales growth and margin improvement in China, while continuing to open new restaurants with confidence in the world’s fastest-growing economy. Further, sustained momentum at our KFC and Taco Bell Divisions, and the recent relaunch of our Pizza Hut U.S. business are also expected to contribute to our double-digit EPS growth. Our brands are the global leaders in their respective categories, and we expect to build on this strength with breakthrough product innovation, insight-driven marketing and digital leadership in the years ahead.

Overall, we expect to open over 2,100 new international restaurants next year, further strengthening our lead in emerging markets. We remain focused on the three keys to driving shareholder value: same-store sales growth, new-unit development and generating high returns on invested capital. I’m confident we’ll deliver full-year EPS growth of at least 10% in 2015 and produce consistent double-digit EPS growth over the long term.”

2014 EPS UPDATE
As previously reported, China Division sales were significantly impacted by adverse publicity in July regarding improper food handling practices by a former supplier. Sales continue to recover, but at a slower pace than expected. We estimate China Division full-year same-store sales will be negative mid-single digits. With this assumption, we now estimate mid-single-digit full-year EPS growth, excluding Special Items.

2015 OVERALL GUIDANCE
Yum! Brands expects full-year EPS growth of at least 10%, excluding Special Items, with meaningful upside opportunity contingent primarily on the pace of our sales recovery in China. Our 2015 guidance is based on the following expectations and assumptions:

  • China Division operating profit growth of at least 15%
  • KFC Division operating profit growth of 10%
  • Pizza Hut Division operating profit growth of 10%
  • Taco Bell Division operating profit growth of 6%
  • Over 2,100 gross new international units, including:
    • 700 new units in China
    • 700 new units at KFC
    • 600 new units at Pizza Hut
    • 125 new units in India
  • 150 net new units at Taco Bell Division
  • Global capital expenditures of approximately $1.2 billion
  • Estimated tax rate for years 2015 – 2016 between 25% and 27%
  • Foreign currency translation expected to have a negative impact of at least $20MM on earnings
  • Interest expense expected to be about $145MM
  • 2% reduction in average diluted shares outstanding as a result of share repurchases

2014 ANNUAL INVESTOR MEETING
The Annual Investor Meeting will be held on Thursday, December 11, 2014 from 8:45 am to 2:00 pm EST in New York City. The company will present a business update and share its strategies and global expansion outlook. This meeting will be webcast live and a replay of this webcast will be available following the event. The webcast and presentations will be available online through the Yum! Brands Investor Relations website at http://www.yum.com/investors.

ADDITIONAL INFORMATION
Definitions of terms are available online at www.yum.com under “Investors”.

This announcement, any related announcements and the related webcast may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected. Factors that can cause our actual results to differ materially include, but are not limited to: food safety and food borne-illness issues; changes in economic conditions, consumer preferences, tax rates and laws and the regulatory environment, as well as increased competition and other risks in China, where a significant and growing portion of our restaurants are located; changes in economic and political conditions in the other countries outside the U.S. where we operate; the impact or threat of any widespread illness or outbreaks of viruses or other diseases; our ability to protect the integrity and security of individually identifiable data of our customers and employees; our ability to secure and maintain distribution and adequate supply to our restaurants; the success of our international development strategy; commodity, labor and other operating costs; the continued viability and success of our franchise and license operators; consumer preferences and perceptions of our brands; the impact of social media; a potential suspension of the Chinese affiliate of our independent auditor; pending or future litigation and legal claims or proceedings; changes in or noncompliance with government regulations; tax matters, including disagreements with taxing authorities; significant changes in global economic conditions, including consumer spending, consumer confidence and unemployment; and competition within the retail food industry, including with respect to price and quality of food products, new product development, advertising levels and promotional initiatives, customer service, reputation, restaurant location, and attractiveness and maintenance of properties. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 125 countries and territories. Yum! is ranked #216 on the Fortune 500 List with revenues of over $13 billion. In 2014 Yum! was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine and one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations & Corporate Strategy, at 888/298-6986
Elizabeth Grenfell, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson, Director Public Relations, at 502/874-8200

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YUM! BRANDS INC. ANNOUNCES AUTHORIZATION OF UP TO $1 BILLION IN SHARE REPURCHASES AND DECLARES QUARTERLY DIVIDEND OF $0.41 PER SHARE http://www.yum.com/yum-brands-inc-announces-authorization-of-up-to-1-billion-in-share-repurchases-and-declares-quarterly-dividend-of-0-41-per-share/ http://www.yum.com/yum-brands-inc-announces-authorization-of-up-to-1-billion-in-share-repurchases-and-declares-quarterly-dividend-of-0-41-per-share/#respond Thu, 20 Nov 2014 15:25:35 +0000 http://www.yum.com/?p=2348 ... Read more »]]> LOUISVILLE, KY, November 20, 2014 –Yum! Brands Inc. (NYSE: YUM) Board of Directors authorized the Company to repurchase up to $1 billion in additional shares of common stock and declared a dividend of $0.41 per share of common stock. The quarterly dividend will be distributed February 6, 2015 to shareholders of record at the close of business on January 16, 2015. Since initiating a dividend in 2004, Yum! has increased its dividend at a double-digit percentage rate each of the past ten years, placing Yum! in a select group of companies from the S&P 500 to do so.

The $1 billion in additional share repurchases of the Company’s outstanding common stock is authorized through May 31, 2016. Repurchases of common stock may be made from time to time in the open market or through privately negotiated transactions and will be subject to market conditions and other factors. Year-to-date, the Company has repurchased 9.4 million shares of common stock totaling $691 million.

Yum!’s first priority with the operating cash it generates is to invest in high-return global growth opportunities. In addition, Yum! is committed to returning significant cash to shareholders. The Company has returned over $6 billion of cash through the combination of share repurchases and dividends over the past five years.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 125 countries and territories. Yum! is ranked #216 on the Fortune 500 List with revenues of over $13 billion. In 2014 Yum! was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine and one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations & Corporate Strategy, at 888/298-6986
Elizabeth Grenfell, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson, Director Public Relations, at 502/874-8200

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Yum! Brands, Inc. Announces 11% Increase in Quarterly Dividend, Marking Tenth Consecutive Double-Digit Percentage Increase http://www.yum.com/yum-brands-inc-announces-11-increase-in-quarterly-dividend-marking-tenth-consecutive-double-digit-percentage-increase/ http://www.yum.com/yum-brands-inc-announces-11-increase-in-quarterly-dividend-marking-tenth-consecutive-double-digit-percentage-increase/#respond Wed, 10 Sep 2014 15:29:06 +0000 http://www.yum.com/?p=2352 ... Read more »]]> LOUISVILLE, KY, September 10, 2014 –Yum! Brands, Inc. (NYSE: YUM) announced that its Board of Directors approved an 11% increase in the Company’s quarterly dividend. The quarterly cash dividend will increase from $0.37 to $0.41 per share and will be effective with the dividend payment to be distributed on November 7, 2014 to shareholders of record at the close of business on October 17, 2014. This increase raises the annual dividend rate to $1.64 per share.

David C. Novak, Chairman and Chief Executive Officer, said, “I am pleased to inform our shareholders we increased our dividend by 11%, marking the tenth consecutive year we have raised our dividend at a double-digit percentage rate. Over the last five years we have returned nearly $6 billion of cash through a combination of share repurchases and dividends.

Our first priority with the operating cash we generate is to invest in high-return global growth opportunities. In addition to investing in future growth, Yum!’s substantial free cash flow generation allows us to return significant cash to our shareholders through a meaningful quarterly dividend and share buybacks.”

Yum! initiated its dividend in 2004 and is in a select group of companies from the S&P 500 to increase its dividend at a double-digit percentage rate each of the past ten years. Over the long term, Yum! is now targeting a payout ratio of 40% to 45% of annual net income, before special items.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 125 countries and territories. Yum! is ranked #216 on the Fortune 500 List with revenues of over $13 billion and in 2014 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened over five new restaurants per day, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations & Corporate Strategy, at 888/298-6986
Donny Lau, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson, Director Public Relations, at 502/874-8200

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Yum! Brands Expects Full-Year 2014 EPS Growth of At Least 20%; Reports Estimated November China Division Same-Store Sales Increased 1%; Will Host Investor Update Meeting on Wednesday, December 4, 2013 http://www.yum.com/yum-brands-expects-full-year-2014-eps-growth-of-at-least-20-reports-estimated-november-china-division-same-store-sales-increased-1-will-host-investor-update-meeting-on-wednesday-december-4-2013/ http://www.yum.com/yum-brands-expects-full-year-2014-eps-growth-of-at-least-20-reports-estimated-november-china-division-same-store-sales-increased-1-will-host-investor-update-meeting-on-wednesday-december-4-2013/#respond Mon, 02 Dec 2013 15:31:26 +0000 http://www.yum.com/?p=2354 ... Read more »]]> LOUISVILLE, KY, December 2, 2013 –Yum! Brands Inc. (NYSE: YUM), in advance of its Annual Investor Meeting, reconfirms its full-year 2013 EPS forecast of high-single to low double-digit decline versus prior year, excluding Special Items.  Yum! expects to deliver at least 20% EPS growth in 2014, excluding Special Items.

David C. Novak, Chairman and CEO, said, “We expect to have a strong bounceback in 2014 following a year that is clearly below our high expectations.  In China, we have an aggressive plan to reignite sales at KFC and we expect continued strong performance at Pizza Hut Casual Dining.  In addition, our international new-unit development pipeline remains extremely robust.  We expect to open at least 1,850 new restaurants outside the U.S., further strengthening our leadership position in emerging markets.  We also expect continued development momentum in the U.S. and are excited about our upcoming national breakfast launch at Taco Bell.

Importantly, with our recent announcement to combine our Yum! Restaurants International (YRI) and U.S.
individual divisions for KFC, Pizza Hut and Taco Bell, effective January 1, 2014, we are well positioned to more aggressively accelerate growth in the years ahead.  We remain focused on the three keys to driving shareholder value:  new-unit development, same-store sales growth and generating high returns on invested capital.”

2014 OVERALL GUIDANCE

Yum! expects to deliver at least 20% EPS growth in 2014, excluding Special Items.

  • China Division operating profit growth of at least 40%
  • At least 1,850 new international units, including:
    • 700 new units in China
    • 150 new units in India
    • At least 600 new units at KFC
    • At least 400 new units at Pizza Hut
  • Global capital expenditures of $1.2 billion
  • Worldwide G&A increase of about 4%
  • Estimated tax rate for years 2014 – 2016 between 26% and 28%
  • Foreign currency translation expected to have a slightly negative impact on earnings
  • Interest expense expected to be about $140MM
  • 1% reduction in average diluted shares outstanding as a result of share repurchases

CHINA DIVISION NOVEMBER SALES

November same-store sales increased an estimated 1% for the China Division.  This estimate included even sales at KFC and 7% growth at Pizza Hut Casual Dining.  It is important to note a limited-time “Half Priced” bucket promotion yielded an approximate 16% increase in KFC same-store sales for the first 10 days of the month.  This promotion ended on November 10th.  KFC same-store sales were down approximately 8% for the remainder of November.  This particular promotion will not be repeated in December.

As a reminder, the fourth quarter for the China Division includes the months of September, October, November and December.  We will release our December same-store sales, which will be our final monthly sales release, for the China Division on January 13, 2014.

2013 ANNUAL INVESTOR MEETING

The Annual Investor Meeting will be held on Wednesday, December 4, 2013 from 8:45 am to 2:00 pm EST in New York City.  The theme is “Recognizing the Power of Yum!: On the Ground Floor of Global Growth.”  The company will share its plan to continue to be the defining global company that feeds the world, as well as present a business update and take questions on its strategies and global expansion outlook.  This meeting will be webcast live and a replay of this webcast will be available following the event.  The webcast and presentations will be available online through the Yum! Brands Investor Relations website at http://www.yum.com/investors.

ADDITIONAL INFORMATION

Definitions of terms are available online at www.yum.com under “Investors”.

This announcement, any related announcements and the related webcast may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected. Factors that can cause our actual results to differ materially include, but are not limited to: food safety and food borne-illness issues; economic conditions, consumer preferences, adverse publicity, tax rates, the regulatory environment, increased competition and other risks in China, where a significant and growing portion of our restaurants are located; economic and political conditions in the other countries where we operate; the success of our international development strategy; commodity, labor and other operating costs; our ability to secure and maintain distribution and adequate supply to our restaurants; the continued viability and success of our franchise and license operators; publicity that may impact our business and/or industry; pending or future litigation and legal claims or proceedings; the impact or threat of any widespread illness or outbreaks of viruses or other diseases; consumer preferences and perceptions of our brands; the success of our refranchising strategy; significant changes in global economic conditions, including consumer spending, consumer confidence and unemployment; new and changing government regulations; our effective tax rates and disagreements with taxing authorities; our ability to protect the integrity and security of individually identifiable data of our customers and employees; competition within the retail food industry, including with respect to price and quality of food products, new product development, advertising levels and promotional initiatives, customer service, reputation, restaurant location, and attractiveness and maintenance of properties; and risks associated with the Little Sheep business. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened over five new restaurants per day, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations, at 888/298-6986
Donny Lau, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson, Director Public Relations, at 502/874-8200

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Yum! Brands Inc. Announces Authorization of up to $750 Million in Share Repurchases and Declares Quarterly Dividend of $0.37 per Share http://www.yum.com/yum-brands-inc-announces-authorization-of-up-to-750-million-in-share-repurchases-and-declares-quarterly-dividend-of-0-37-per-share/ http://www.yum.com/yum-brands-inc-announces-authorization-of-up-to-750-million-in-share-repurchases-and-declares-quarterly-dividend-of-0-37-per-share/#respond Fri, 22 Nov 2013 15:35:21 +0000 http://www.yum.com/?p=2356 ... Read more »]]> LOUISVILLE, KY, November 22, 2013 – Yum! Brands Inc. (NYSE: YUM) Board of Directors authorized the Company to repurchase up to $750 million in additional shares of common stock and declared a dividend of $0.37 per share of common stock. The quarterly dividend will be distributed February 7, 2014, to shareholders of record at the close of business on January 17, 2014. Since initiating a dividend in 2004, Yum! has increased its dividend at a double-digit percentage rate each of the past nine years, placing Yum! in a select group of companies from the S&P 500 to do so.

The $750 million in additional share repurchases of the Company’s outstanding common stock is authorized through May 31, 2015. Repurchases of common stock may be made from time to time in the open market or through privately negotiated transactions and will be subject to market conditions and other factors. Year-to-date, the Company has repurchased $708 million of shares of common stock at an average price of $68.

Yum!’s first priority with the operating cash it generates is to invest in high-return global growth opportunities. In addition, Yum! is committed to returning significant cash to shareholders. The Company has returned $5.8 billion of cash through the combination of share repurchases and dividends over the past five fiscal years.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations, at 888⁄298–6986
Donny Lau, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502⁄874–8200

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Yum! Brands Announces Expiration of Debt Tender Offers and Final Results http://www.yum.com/yum-brands-announces-expiration-of-debt-tender-offers-and-final-results/ http://www.yum.com/yum-brands-announces-expiration-of-debt-tender-offers-and-final-results/#respond Wed, 20 Nov 2013 15:37:21 +0000 http://www.yum.com/?p=2358 ... Read more »]]> LOUISVILLE, KY, November 20, 2013 – Yum! Brands, Inc. (NYSE: YUM) today announced the expiration of and final results for its previously announced cash offers to purchase up to $550 million aggregate principal amount (the “Tender Cap”) of certain of its senior unsecured notes (the “Notes”). The terms and conditions of the tender offers are described in the Offer to Purchase, dated October 22, 2013 (the “Offer to Purchase”), and the related Letter of Transmittal. As previously announced on November 5, 2013, the Tender Cap was increased from $525 million to $550 million and the tender sub-cap applicable to the 6.875% Senior Notes due 2037 (the “2037 Notes”) was increased from $250 million to $275 million (the “Tender Sub-Cap”).

The tender offers for the Notes expired at 11:59 p.m., New York City time, on Tuesday, November 19, 2013 (the “Expiration Date”).

The total aggregate principal amount of Notes validly tendered at or prior to the Expiration Date and not validly withdrawn was $1,057,000,000, which exceeds the Tender Cap. In accordance with the terms of the tender offers set forth in the Offer to Purchase, Yum! Brands accepted for purchase a portion of the validly tendered 2037 Notes and 6.250% Senior Notes due 2018 (the “2018 Notes”) in an aggregate principal amount equal to the Tender Cap. Yum! Brands did not accept for purchase any 6.250% Senior Notes due 2016 (the “2016 Notes”), 5.300% Senior Notes due 2019 (the “2019 Notes”), or 4.250% Senior Notes due 2015 (the “2015 Notes”).

According to information provided by D.F. King & Co., Inc., the Tender Agent and Information Agent for the tender offers, $370,872,000 aggregate principal amount of the 2037 Notes and $351,712,000 aggregate principal amount of the 2018 Notes were validly tendered at or prior to the Expiration Date and not validly withdrawn. In accordance with the terms of the tender offers Yum! Brands has accepted for purchase an aggregate of $275 million of 2037 Notes, an amount equal to the Tender Sub-Cap applicable to the 2037 Notes, and $275 million of 2018 Notes, equal to the amount of the Tender Cap available after subtracting the Tender Sub-Cap applicable to the 2037 Notes. In accordance with the terms of the tender offers, Yum! Brands has accepted only a portion of the Notes tendered by the holders of the 2037 Notes and the 2018 Notes. The proration factor applicable to the 2037 Notes was approximately 74%, determined by dividing $275 million, the Tender Sub-Cap, by the total amount of 2037 Notes tendered. The proration factor applicable to the 2018 Notes was approximately 78%, determined by dividing $275 million, the remaining portion of the Tender Cap available for purchase of Notes, by the total amount of 2018 Notes tendered. All 2037 Notes and 2018 Notes that were not accepted for purchase will be returned to holders in accordance with the Offer to Purchase. The 2016 Notes, the 2019 Notes, and the 2015 Notes that were tendered were returned to the holders in accordance with the Offer to Purchase.

Title of Security
(CUSIP Number)
Principal Amount Outstanding Tender
Sub-Cap
Acceptance Priority Level Fixed Spread (basis points) Reference U.S. Treasury Security Bloomberg Reference Page Early Tender Payment Total Consideration Tender Offer Consideration

6.875% Senior Notes due 2037
(988498 AD3)
$600,000,000 $275,000,000 1 165 2.875% U.S. Treasury Note due 05/15/2043 PX1 $50 $1,191.43 $1,141.43
6.250% Senior Notes due 2018
(988498 AC5)
$600,000,000 N/A 2 40 1.375% U.S. Treasury Note due 09/30/2018 PX1 $50 $1,185.94 $1,135.94

For the 2037 Notes and the 2018 Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Time (as defined in the Offer to Purchase) and accepted for purchase, the applicable total consideration per $1,000 principal amount of each series of Notes (for each series, the “Total Consideration”) is as specified in the table above. The Total Consideration includes the Early Tender Payment. Holders of the 2037 Notes and 2018 Notes tendered after the Early Tender Time and at or prior to the Expiration Date and accepted for purchase will receive only the applicable Tender Offer Consideration, namely the applicable Total Consideration less the Early Tender Payment.

In addition, holders whose Notes are purchased in the tender offers will be paid accrued and unpaid interest on their purchased Notes from the applicable last interest payment date up to, but not including, the payment date for such purchased Notes. The conditions to the tender offer have been satisfied; therefore, payment for the purchased Notes will be made today.

Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC to serve as the Lead Dealer Managers for these tender offers. Goldman, Sachs & Co. may be contacted at (800) 828-3182 (toll free) or (212) 357-0215 (collect) and J.P. Morgan Securities LLC may be contacted at (866) 834-4666 (toll free) or (212) 834-4811 (collect). Yum! Brands has also retained D.F. King & Co., Inc. to serve as the Tender Agent and the Information Agent for the tender offers.

This press release is neither an offer to sell nor a solicitation of offers to buy any securities. The tender offers were made only pursuant to the Offer to Purchase and the related Letter of Transmittal. The tender offers were not made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. Please refer to the Offer to Purchase and related Letter of Transmittal for a description of offer terms, conditions, disclaimers, and other information applicable to the tender offers.

Estimate of Earnings Charge
Yum! Brands purchased $550 million aggregate principal amount of Notes in the recently completed tender offers. Due primarily to the premiums paid in connection with the purchase of these Notes, Yum! Brands is recording a pre-tax charge of approximately $120 million in the fourth quarter of 2013 within Special Items.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day in 2012, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations, at 888⁄298–6986
Donny Lau, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502⁄874–8200

]]>
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Yum! Brands Announces Consideration for Tender Offers http://www.yum.com/yum-brands-announces-consideration-for-tender-offers-2/ http://www.yum.com/yum-brands-announces-consideration-for-tender-offers-2/#respond Tue, 05 Nov 2013 16:00:07 +0000 http://www.yum.com/?p=4411 ... Read more »]]> LOUISVILLE, KY, November 5, 2013 – Yum! Brands, Inc. (NYSE: YUM) today announced the reference yields, tender offer consideration, and total consideration for two series of its outstanding debt securities in connection with its previously announced cash offers to purchase up to $525 million aggregate principal amount of five series of its outstanding debt securities (collectively, the “Notes”). As further discussed below, only Notes with Acceptance Priority Levels 1 and 2, as identified in the table below, will be accepted for purchase, assuming that the conditions to the tender offers are satisfied or waived. The terms and conditions of the tender offers are described in the Offer to Purchase, dated October 22, 2013 (the “Offer to Purchase”), and the related Letter of Transmittal.

For Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m.,  New York City time, on November 4, 2013 (the “Early Tender Time”) and that are accepted for purchase, the applicable total consideration per $1,000 principal amount of each series of Notes (for each series, the “Total Consideration”) is the price determined as described in the Offer to Purchase intended to result in a yield to maturity (calculated in accordance with standard market practice) equal to the sum of (i) the yield to maturity for the applicable U.S. Treasury Reference Security specified in the table below, calculated based on the bid-side price of such U.S. Treasury Reference Security as of 2:00 p.m., New York City time, today, November 5, 2013 (being the first business day following the Early Tender Time), plus (ii) the applicable Fixed Spread specified in the table below. The Total Consideration includes the Early Tender Payment specified in the table below. Holders tendering their Notes after the Early Tender Time and at or prior to 11:59 p.m. New York City time on November 19, 2013 (the “Expiration Time”), will be eligible to receive only the applicable Tender Offer Consideration, namely the applicable Total Consideration less the Early Tender Payment specified in the table below.

Title of Security
(CUSIP Number)
Principal Amount Outstanding Tender
Sub-Cap
Acceptance Priority Level Fixed Spread (basis points) Reference U.S. Treasury Security Bloomberg Reference Page Early Tender Payment Total Consideration Tender Offer Consideration

6.875% Senior Notes due 2037
(988498 AD3)
$600,000,000 $275,000,000 1 165 2.875%
U.S. Treasury Note due 05/15/2043
PX1 $50 $1,191.43 $1,141.43
6.250% Senior Notes due 2018
(988498 AC5)
$600,000,000 N/A 2 40 1.375%
U.S. Treasury Note due 09/30/2018
PX1 $50 $1,185.94 $1,135.94

In addition, holders whose Notes are accepted for purchase pursuant to the tender offers will receive accrued and unpaid interest on their purchased Notes from and including the last interest payment date for such Notes to, but excluding, the Settlement Date (as defined in the Offer to Purchase). Subject to the terms and conditions of the tender offer, the Settlement Date will follow promptly after the Expiration Time and currently is expected to be November 20, 2013.

Earlier today, Yum! Brands also announced that it has increased the combined aggregate principal amount of the Notes that it is offering to purchase in the tender offers from $525 million to $550 million (as increased, the “Tender Cap”). Additionally, the Tender Sub-Cap for Yum! Brands’ offer to purchase its 6.875% Senior Notes due 2037 is being increased from $250 million to $275 million. Except for such increases, all other terms and conditions of the tender offers, as previously announced, remain unchanged.

Yum! Brands previously announced that the total aggregate principal amount of Notes of all five series validly tendered and not validly withdrawn at or prior to the Early Tender Time was $1,055,897,000, which amount exceeds the Tender Cap. Since Yum! Brands will accept for payment only such portion of the tendered Notes that does not result in it purchasing Notes with an aggregate principal amount above the Tender Cap and, in the case of the Notes with Acceptance Priority Level 1, above the Tender Sub-Cap, Yum! Brands will purchase a portion of the validly tendered Notes with Acceptance Priority Levels 1 and 2 and will not purchase any Notes with Acceptance Priority Levels 3, 4, or 5, in accordance with the terms of the tender offers set forth in the Offer to Purchase. Assuming that the conditions to the tender offers are satisfied or waived, tendered Notes with Acceptance Priority Levels 1 and 2 will be accepted for purchase on a pro rata basis as described in the Offer to Purchase, such that the aggregate principal amount of the Notes accepted in the tender offers equals the Tender Cap. Yum! Brands has directed D.F. King & Co., Inc., the Tender Agent for the tender offers, to promptly return to holders all Notes having Acceptance Priority Levels 3, 4, and 5, namely the 6.250% Senior Notes due 2016, the 5.300% Senior Notes due 2019, and the 4.250% Senior Notes due 2015 that were tendered. All 6.875% Senior Notes due 2037 and 6.250% Senior Notes due 2018 tendered and not accepted for purchase will be returned to holders following the Settlement Date in accordance with the terms of the tender offers.

On October 31, 2013, Yum! Brands completed an underwritten public offering of senior unsecured notes in an aggregate principal amount, together with other available funds, sufficient to satisfy the financing condition described in the Offer to Purchase. The tender offers are subject to the satisfaction or waiver of certain other conditions, as specified in the Offer to Purchase.

Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC to serve as the Lead Dealer Managers for these tender offers. Goldman, Sachs & Co. may be contacted at (800) 828-3182 (toll free) or (212) 357-0215 (collect) and J.P. Morgan Securities LLC may be contacted at (866) 834-4666 (toll free) or (212) 834-4811 (collect). Yum! Brands has also retained D.F. King & Co., Inc. to serve as the Tender Agent and the Information Agent for the tender offers.

This press release is not an offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offers do not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of Yum! Brands, the Tender Agent, the Information Agent, any of the Dealer Managers or the trustee for the Notes is making any recommendation as to whether holders should tender Notes in the tender offers.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day in 2012, making it a leader in international retail development.

Analysts are invited to contact:

Steve Schmitt, Vice President Investor Relations, at 888⁄298–6986

Donny Lau, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:

Amy Sherwood, Vice President Public Relations, at 502⁄874–8200

]]>
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Yum! Brands Announces Early Results of Tender Offers and Increases in Tender Caps http://www.yum.com/yum-brands-announces-early-results-of-tender-offers-and-increases-in-tender-caps/ http://www.yum.com/yum-brands-announces-early-results-of-tender-offers-and-increases-in-tender-caps/#respond Tue, 05 Nov 2013 15:41:02 +0000 http://www.yum.com/?p=2363 ... Read more »]]> LOUISVILLE, KY, November 5, 2013 – Yum! Brands, Inc. (NYSE: YUM) today announced the preliminary results of its previously announced cash tender offers to purchase up to $525 million aggregate principal amount of five series of its outstanding debt securities identified in the table below (collectively, the “Notes’). The terms and conditions of the tender offers are described in the Offer to Purchase, dated October 22, 2013 (the “Offer to Purchase”), and the related Letter of Transmittal.

According to information provided by D.F. King & Co., Inc., the Tender Agent and Information Agent for the tender offers, $369,867,000 aggregate principal amount of the 6.875% Senior Notes due 2037, $351,614,000 aggregate principal amount of the 6.250% Senior Notes due 2018, $145,884,000 aggregate principal amount of the 6.250% Senior Notes due 2016, $61,704,000 aggregate principal amount of the 5.300% Senior Notes due 2019, and $126,828,000 aggregate principal amount of the 4.250% Senior Notes due 2015 were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on November 4, 2013 (the “Early Tender Time”). Tendered Notes may not be withdrawn after the Early Tender Time.

Yum! Brands also announced that it has increased the combined aggregate principal amount of the Notes that it is offering to purchase in the tender offers from $525 million to $550 million (as increased, the “Tender Cap”). Additionally, the Tender Sub-Cap for Yum! Brands’ offer to purchase its 6.875% Senior Notes due 2037 is being increased from $250 million to $275 million. Except for such increases, all other terms and conditions of the tender offers, as previously announced, remain unchanged.

The total aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time was $1,055,897,000, which amount exceeds the Tender Cap. Since Yum! Brands will accept for payment only such portion of the tendered Notes that does not result in it purchasing Notes with an aggregate principal amount above the Tender Cap and, in the case of the Notes with Acceptance Priority Level 1, above the Tender Sub-Cap of $275 million, Yum! Brands will purchase a portion of the validly tendered Notes with Acceptance Priority Levels 1 and 2 and will not purchase any Notes with Acceptance Priority Levels 3, 4, or 5, in accordance with the terms of the tender offers set forth in the Offer to Purchase. Assuming that the conditions to the tender offers are satisfied or waived, tendered Notes with Acceptance Priority Levels 1 and 2 will be accepted for purchase on a pro rata basis as described in the Offer to Purchase, such that the aggregate principal amount of the Notes accepted in the tender offers equals the Tender Cap and the aggregate principal amount of 6.875% Senior Notes due 2037 accepted in the applicable tender offer equals the Tender Sub-Cap of $275 million.

Each tender offer will expire at the “Expiration Time” which is 11:59 p.m., New York City time, on November 19, 2013, unless extended.

Title of Security
(CUSIP Number)
Principal Amount Outstanding Tender
Sub-Cap
Acceptance Priority Level Fixed Spread (basis points) Reference U.S. Treasury Security Bloomberg Reference Page Early Tender Payment

6.875% Senior Notes due 2037
(988498 AD3)
$600,000,000 $275,000,000 1 165 2.875% U.S. Treasury Note due 05/15/2043 PX1 $50
6.250% Senior Notes due 2018
(988498 AC5)
$600,000,000 N/A 2 40 1.375% U.S. Treasury Note due 09/30/2018 PX1 $50
6.250% Senior Notes due 2016
(988498 AB7)
$300,000,000 N/A 3 25 0.625% U.S. Treasury Note due 10/15/2016 PX1 $50
5.300% Senior Notes due 2019
(988498 AF8)
$250,000,000 N/A 4 145 1.375% U.S. Treasury Note due 09/30/2018 PX1 $50
4.250% Senior Notes due 2015
(988498 AE1)
$250,000,000 N/A 5 30 0.25% U.S. Treasury Note due 09/30/2015 PX1 $50

Holders of the Notes subject to the tender offers who validly tendered and did not validly withdraw their Notes on or before the Early Tender Time will receive the Total Consideration, which includes an Early Tender Payment of $50 per $1,000 principal amount of Notes tendered by such holders that are accepted for purchase. Holders of Notes who validly tender their Notes after the Early Tender Time and on or before the Expiration Time will receive the Tender Offer Consideration per $1,000 principal amount of Notes tendered by such holders that are accepted for purchase, which is equal to the applicable Total Consideration minus the Early Tender Payment of $50 per $1,000 principal amount of Notes.

The Total Consideration for each $1,000 principal amount of Notes tendered and accepted for purchase pursuant to the tender offers will be determined in the manner described in the Offer to Purchase by reference to a fixed spread specified for each series of the Notes over the yield based on the bid side price of the U.S. Treasury Security specified in the table above, as quoted on the applicable page on Bloomberg PX1 at 2:00 p.m., New York City time, today, November 5, 2013. Holders whose Notes are accepted for purchase pursuant to the tender offers will also receive accrued and unpaid interest on their purchased Notes from and including the last interest payment date for such Notes to, but excluding, the Settlement Date (as defined in the Offer to Purchase). Subject to the terms and conditions of the tender offers, the Settlement Date will follow promptly after the Expiration Time and currently is expected to be November 20, 2013.

On October 31, 2013, Yum! Brands completed an underwritten public offering of senior unsecured notes in an aggregate principal amount sufficient to satisfy the financing condition described in the Offer to Purchase. The tender offers are subject to the satisfaction or waiver of certain other conditions, as specified in the Offer to Purchase.

Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC to serve as the Lead Dealer Managers for these tender offers. Goldman, Sachs & Co. may be contacted at (800) 828-3182 (toll free) or (212) 357-0215 (collect) and J.P. Morgan Securities LLC may be contacted at (866) 834-4666 (toll free) or (212) 834-4811 (collect). Yum! Brands has also retained D.F. King & Co., Inc. to serve as the Tender Agent and the Information Agent for the tender offers.

This press release is not an offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offers do not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of Yum! Brands, the Tender Agent, the Information Agent, any of the Dealer Managers or the trustee for the Notes is making any recommendation as to whether holders should tender Notes in the tender offers.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day in 2012, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations, at 888⁄298–6986
Donny Lau, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502⁄874–8200

]]>
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Yum! Brands Announces Consideration for Tender Offers http://www.yum.com/yum-brands-announces-consideration-for-tender-offers/ http://www.yum.com/yum-brands-announces-consideration-for-tender-offers/#respond Tue, 05 Nov 2013 15:38:25 +0000 http://www.yum.com/?p=2360 ... Read more »]]> LOUISVILLE, KY, November 5, 2013 – Yum! Brands, Inc. (NYSE: YUM) today announced the reference yields, tender offer consideration, and total consideration for two series of its outstanding debt securities in connection with its previously announced cash offers to purchase up to $525 million aggregate principal amount of five series of its outstanding debt securities (collectively, the “Notes”). As further discussed below, only Notes with Acceptance Priority Levels 1 and 2, as identified in the table below, will be accepted for purchase, assuming that the conditions to the tender offers are satisfied or waived. The terms and conditions of the tender offers are described in the Offer to Purchase, dated October 22, 2013 (the “Offer to Purchase”), and the related Letter of Transmittal.

For Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m.,  New York City time, on November 4, 2013 (the “Early Tender Time”) and that are accepted for purchase, the applicable total consideration per $1,000 principal amount of each series of Notes (for each series, the “Total Consideration”) is the price determined as described in the Offer to Purchase intended to result in a yield to maturity (calculated in accordance with standard market practice) equal to the sum of (i) the yield to maturity for the applicable U.S. Treasury Reference Security specified in the table below, calculated based on the bid-side price of such U.S. Treasury Reference Security as of 2:00 p.m., New York City time, today, November 5, 2013 (being the first business day following the Early Tender Time), plus (ii) the applicable Fixed Spread specified in the table below. The Total Consideration includes the Early Tender Payment specified in the table below. Holders tendering their Notes after the Early Tender Time and at or prior to 11:59 p.m. New York City time on November 19, 2013 (the “Expiration Time”), will be eligible to receive only the applicable Tender Offer Consideration, namely the applicable Total Consideration less the Early Tender Payment specified in the table below.

Title of Security
(CUSIP Number)
Principal Amount Outstanding Tender
Sub-Cap
Acceptance Priority Level Fixed Spread (basis points) Reference U.S. Treasury Security Bloomberg Reference Page Early Tender Payment Total Consideration Tender Offer Consideration

6.875% Senior Notes due 2037
(988498 AD3)
$600,000,000 $275,000,000 1 165 2.875% U.S. Treasury Note due 05/15/2043 PX1 $50 $1,191.43 $1,141.43
6.250% Senior Notes due 2018
(988498 AC5)
$600,000,000 N/A 2 40 1.375% U.S. Treasury Note due 09/30/2018 PX1 $50 $1,185.94 $1,135.94

In addition, holders whose Notes are accepted for purchase pursuant to the tender offers will receive accrued and unpaid interest on their purchased Notes from and including the last interest payment date for such Notes to, but excluding, the Settlement Date (as defined in the Offer to Purchase). Subject to the terms and conditions of the tender offer, the Settlement Date will follow promptly after the Expiration Time and currently is expected to be November 20, 2013.

Earlier today, Yum! Brands also announced that it has increased the combined aggregate principal amount of the Notes that it is offering to purchase in the tender offers from $525 million to $550 million (as increased, the “Tender Cap”). Additionally, the Tender Sub-Cap for Yum! Brands’ offer to purchase its 6.875% Senior Notes due 2037 is being increased from $250 million to $275 million. Except for such increases, all other terms and conditions of the tender offers, as previously announced, remain unchanged.

Yum! Brands previously announced that the total aggregate principal amount of Notes of all five series validly tendered and not validly withdrawn at or prior to the Early Tender Time was $1,055,897,000, which amount exceeds the Tender Cap. Since Yum! Brands will accept for payment only such portion of the tendered Notes that does not result in it purchasing Notes with an aggregate principal amount above the Tender Cap and, in the case of the Notes with Acceptance Priority Level 1, above the Tender Sub-Cap, Yum! Brands will purchase a portion of the validly tendered Notes with Acceptance Priority Levels 1 and 2 and will not purchase any Notes with Acceptance Priority Levels 3, 4, or 5, in accordance with the terms of the tender offers set forth in the Offer to Purchase. Assuming that the conditions to the tender offers are satisfied or waived, tendered Notes with Acceptance Priority Levels 1 and 2 will be accepted for purchase on a pro rata basis as described in the Offer to Purchase, such that the aggregate principal amount of the Notes accepted in the tender offers equals the Tender Cap. Yum! Brands has directed D.F. King & Co., Inc., the Tender Agent for the tender offers, to promptly return to holders all Notes having Acceptance Priority Levels 3, 4, and 5, namely the 6.250% Senior Notes due 2016, the 5.300% Senior Notes due 2019, and the 4.250% Senior Notes due 2015 that were tendered. All 6.875% Senior Notes due 2037 and 6.250% Senior Notes due 2018 tendered and not accepted for purchase will be returned to holders following the Settlement Date in accordance with the terms of the tender offers.

On October 31, 2013, Yum! Brands completed an underwritten public offering of senior unsecured notes in an aggregate principal amount, together with other available funds, sufficient to satisfy the financing condition described in the Offer to Purchase. The tender offers are subject to the satisfaction or waiver of certain other conditions, as specified in the Offer to Purchase.

Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC to serve as the Lead Dealer Managers for these tender offers. Goldman, Sachs & Co. may be contacted at (800) 828-3182 (toll free) or (212) 357-0215 (collect) and J.P. Morgan Securities LLC may be contacted at (866) 834-4666 (toll free) or (212) 834-4811 (collect). Yum! Brands has also retained D.F. King & Co., Inc. to serve as the Tender Agent and the Information Agent for the tender offers.

This press release is not an offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offers do not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of Yum! Brands, the Tender Agent, the Information Agent, any of the Dealer Managers or the trustee for the Notes is making any recommendation as to whether holders should tender Notes in the tender offers.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day in 2012, making it a leader in international retail development.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations, at 888⁄298–6986
Donny Lau, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502⁄874–8200

]]>
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