-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U/YksdvO2qBcTn3LzSTdkHJoX+cSJrKbHUbWOtC8B7eBzQfbsTtSDOAmvHm/gCX9 CGzZ6PMbhCo4FriZerZy0Q== 0001104659-07-075165.txt : 20071016 0001104659-07-075165.hdr.sgml : 20071016 20071016170331 ACCESSION NUMBER: 0001104659-07-075165 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20071016 DATE AS OF CHANGE: 20071016 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: YUM BRANDS INC CENTRAL INDEX KEY: 0001041061 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 133951308 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-133097 FILM NUMBER: 071174762 BUSINESS ADDRESS: STREET 1: 1441 GARDINER LANE CITY: LOUISVILLE STATE: KY ZIP: 40213 BUSINESS PHONE: 5028748300 MAIL ADDRESS: STREET 1: 1900 COLONEL SANDERS LANE CITY: LOUISVILLE STATE: KY ZIP: 40213 FORMER COMPANY: FORMER CONFORMED NAME: TRICON GLOBAL RESTAURANTS INC DATE OF NAME CHANGE: 19970627 FORMER COMPANY: FORMER CONFORMED NAME: GREAT AMERICAN RESTAURANT CO DATE OF NAME CHANGE: 19970618 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: YUM BRANDS INC CENTRAL INDEX KEY: 0001041061 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 133951308 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1441 GARDINER LANE CITY: LOUISVILLE STATE: KY ZIP: 40213 BUSINESS PHONE: 5028748300 MAIL ADDRESS: STREET 1: 1900 COLONEL SANDERS LANE CITY: LOUISVILLE STATE: KY ZIP: 40213 FORMER COMPANY: FORMER CONFORMED NAME: TRICON GLOBAL RESTAURANTS INC DATE OF NAME CHANGE: 19970627 FORMER COMPANY: FORMER CONFORMED NAME: GREAT AMERICAN RESTAURANT CO DATE OF NAME CHANGE: 19970618 FWP 1 a07-25341_3fwp.htm FWP

 

Filed Pursuant to Rule 433

Registration Statement No. 333-133097

Dated October 16, 2007

 

 

PRICING TERM SHEET

 

6.25% Senior Notes due 2018

 

 

 

Issuer:

 

Yum! Brands, Inc.

Ratings:

 

Moody’s: Baa2 (negative) / S&P: BBB- (stable) / Fitch: BBB- (stable)

Format:

 

SEC Registered

Ranking:

 

Senior Unsecured

Offering Size:

 

$600,000,000

Trade Date:

 

October 16, 2007

Settlement Date:

 

October 19, 2007 (T+3)

Maturity Date:

 

March 15, 2018

Interest Payment Dates:

 

Payable semi-annually in arrears on March 15 and September 15

First Pay Date:

 

March 15, 2008

Treasury Benchmark:

 

UST 4.75% due August 2017

UST Spot (PX / Yield):

 

100-23+ / 4.655%

Re-offer Spread to UST:

 

+165 bps

Re-offer Yield to Maturity:

 

6.305%

Coupon:

 

6.250%

Issue Price:

 

99.592%

Net Proceeds to Issuer:

 

$593,652,000

Day Count Basis:

 

30 / 360

Optional Redemption:

 

Make Whole + 25 bps

CUSIP:

 

988498 AC5

Bookrunners:

 

Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc.

 

 


 

PRICING TERM SHEET

 

6.875% Senior Notes due 2037

 

 

 

Issuer:

 

Yum! Brands, Inc.

Ratings:

 

Moody’s: Baa2 (negative) / S&P: BBB- (stable) / Fitch: BBB- (stable)

Format:

 

SEC Registered

Ranking:

 

Senior Unsecured

Offering Size:

 

$600,000,000

Trade Date:

 

October 16, 2007

Settlement Date:

 

October 19, 2007 (T+3)

Maturity Date:

 

November 15, 2037

Interest Payment Dates:

 

Payable semi-annually in arrears on May 15 and November 15

First Pay Date:

 

May 15, 2008

Treasury Benchmark:

 

UST 4.75% due February 2037

UST Spot (PX / Yield):

 

97-17+ / 4.908%

Re-offer Spread to UST:

 

+200 bps

Re-offer Yield to Maturity:

 

6.908%

Coupon:

 

6.875%

Issue Price:

 

99.575%

Net Proceeds to Issuer:

 

$592,200,000

Day Count Basis:

 

30 / 360

Optional Redemption:

 

Make Whole + 30 bps

CUSIP:

 

988498 AD3

Bookrunners:

 

Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc.

 

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. Incorporated toll free at 1-866-718-1649, Citigroup Global Markets Inc. toll free at 1-877-858-5407 or J.P. Morgan Securities Inc. collect at 212-834-4533.

 

 

 

 GRAPHIC 2 g253413bai001.jpg GRAPHIC begin 644 g253413bai001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#WZBBB@`HI M&944LQ"J.22>E*M)TO(FN-SC^%.:\IU7Q1JNKL?/N66(G(C3@"L8\G)Y)[UQSQO M\B/I<-PUUKR^2_S/1[SXG1@%;.QMS'Y3#$/\`84_XURE% MWF>-AW4UO#&27Q*YY6(X:Q( MT-L3;VG0*#RWU-'LZ4XI>J,*BK=QI=]:7XL9[=DN6QB,D9.:TO\`A#?$)'_( M,D_[Z7_&H4)/9'5+$T8).4TK[:HPJ*W&\'>($4LVF2``9)W+_C6(RE&96&&4 MX(]#2<91W0Z=:E5_AR3]'<2BBBD:A1110`4444`%%%%`!5FPU"ZTVY6XM)3' M(IZCH?K5:K>FZ;K:VB;I&Y^@]33C>^FY%3D4'[3;K<]2\*^,HM97[/=[ M8KM1U)`#_2NLKP[5M`U+P[+%)<+MRWR2ITR*]%\&^*5UBV%I2$ M'^'D8KS9&*.KJ<,IR#Z&M7Q)?MJ.NW%PQR"<`>@K)KQJT^>;9^D9;A5A\+&% MM=WZL]!\'^,[J74%L=2EWI(`L3$`8/O7>ZG]I_LVX^QN$N`A*,1T->"12M!- M'*APZ,&!]P>8YQG/.:M:MX$N=)TB2_ENE8QXS&%]_6L:BJU+S:T._!SP. M#4:$9+F>GFVA6Q5&C)1J2LWL88:G*,932;V.,HK0TO1;W5[W[-;1,6!(9B.%QZU MT=]\.=0M;0S13K,ZC)0#'Y4HTIR5TAUL=AZ,U3J32;.,KNOAG&AU*XD(&\)@ M'VKA2""0001U!KO?AE_Q_77^[5X?^*CGSA_[%4]#<^(SQ+X?02#+&0;:\STG M4)=*U."\B)S&P)'J/2NV^)U[EK.S4],NP_+%>>5>)E^]NNASY)07U!1GM*_W M'T#87<>H6$-U$P*2KD$45P_@[75M_#T<$K$J*>UCU MR8Q1*UQ(%_=J3N(Y`KQ?Q7K;:YK,DJD^1'\L2D\8]:]8\2R^1X;U"7.-L)-> M%DY)-=6-F](GA<-X>+YJ[W6B.V\":SJ,^MVU@UP[6RQMB,G@`#BNK^($NSPG M[Q-YG/R1M^HKI_B1+MT1(\D;V'\Z*;?U>38L93A_:]. M,5;9_BV<7X*LC>^)8%Q\L8+DD=,5Z7XQF\CPO=MG'`7\SBN=^&FF-'!<:A(A M'F?)&3W''(K6^($FWPK,N<;G4?K54H\M!ON9X^JJ^:P@MHM+\=3S#1]9O='D M;[')L,F`WO7MVG223Z7;22G]Z\2EC[D5X);C=W+EQDPPU.4] M9RU?W+0YK5KZS\&:4XMD1KN>0L!C!))Y)KH].FDN=/AEF'SNH+5X[XGU1]8\ M1R,6_=H_EH!T`!Q7L=N/+TV/_9B_I2HU.:/OO9VSU'_`(R/ MIUY+]#"\AAJ M7LJ,*?9(W=($YLOW8&W>>M%=;X.T%+CP]%/*C9D=F4^HHKKA1DXIGSV*S.C" MM*+Z,7XCZ*9X(M4A0L\?R2`#^'GFO-*^A9H8[B%HI4#HPP0>]>-^*O#,VA7K M-&CM9N?D?'`]C1BZ+3YT5D&8QE#ZM-ZK;S78YZN\^&5K)_:5W7Y04,1Q MG-<=IEU%9ZC#<3PB:-#ED/>N\@^(NFVJ;(-,:-?13C^E98?D4N:3M8]#-OK% M2BZ-&GS47/FN!PHP:\]\-:\WA_4_M.SS(F&UTSC-=K>?$NS6V/V2 MV=IB.-QX!JZ4Z?LN23,,?A<6LP6(H1OIIY:6.HMKBVLKR#1X-N5BWD#L!57Q M-I;ZQ!:V@R(S,&D(]!S7F.D^*;JQU\ZIIQML/M&JQ#/\`K)?YU[E>R?9]&FDR M/DA)_2O"["=;2_M[AP66)PQ`[UW&I_$.WO=+GM(K1T:1"FXGV^E3AJD81E=Z MFV60`.YQ7@$VD\]1@JIX-/"U(QOS.Q.>X.O7=-T8WM_P``R];\-6.E M^%[8SY&IRN`,=68YXQZ5/:?#N?\`LT3+J$L5PZY,:\+]#7*:UX@O-:U'[5*V MT(P,2#HF*[/3?B/;1Z94J$?9OFDW=];7Z:] M#SV]LYK"[DMIU*R1G!!J;2-.EU75(+2('+L-Q`^Z/6GZK?2:WK$MRL1#S-A4 M7DUZ;X-\+)H]JMW<*?MDJ_,"/N#TK*E2]I.RV.['9A]4PRE4^-K;S_X!TME: MI8V4-M&/DC7:**GHKUTK'Y]*3DVWN%5[ZQM]1M'MKJ,/$XP0:L44-7T81DXN M\79GD'B7P7=:.YFM0UQ:DD_*O*?6N5KZ(90RE6`(/!![UR>N>`[#4@TEF%M9 MRJ>$]7TKE6IU8\U.2:\@HHHI&@4444`%%%%`!1110`445/;6=S>2>7;0 M/*_HHHM<3DHJ[9!5BRL;G4+E(+:)I'8XX&<5U^C_``ZO;ATEU%Q!%U,?5C[> MU>AZ9H]CI$(BLX%3U;')^IKJI864M9:(\/'9]0H+EI>]+\#!\+^"X-'47%YM MFNSR/1*ZVBBO1A",%:)\9B,35Q,W4JN["BBBK,`HHHH`***S-;UNUT.Q-Q<- MRVF MNYA#!&TDAZ*HKMM$^'-Q.$FU.7R4Z^4O)/XUG"E*;]U'5BL;0PL;U96_,XJV ML[F\?R[6WEG?^[&N35AM$U5#AM-N@?0QFO;[#2[+3(A':6Z1CU"\FK94$Y(! M_"NQ8+35GSE3B9\WN4]/-ZG@G]CZG_T#KG_OV:DBT'6)F`33+L^_EG%>[[%_ MNC\J4`#H`/I3^I+N0^)JG2FOO/%(?!NNSG`L73_?!%;-C\-KZ8_Z7<"`?[(W M5ZE16D<'36^IS5>(L7-6C9?UYG'67PYTFW(:X:2X/<-P*Z>STRRT^/9:6T<2 M^BBK5%;QIPC\*/*KXW$5_P"+-L****LY@HHHH`****`"BBJ]]>PZ?9R75PVV M.,$FANVK'&+DTEN1ZGJ5OI5C)=7+A54$@?WCZ5XMKFN76N7SSSN?+W'RX\\* M*L>)?$,WB+40P4K"G$48_G6CHO@'4=25)K@BW@8`\GYB/IBO-JU)5I&&5EW>YFZ9H.G:1&%M+9%8#'F% M06/XUI445V))*R/FZE2=27--W84444R`HHHH`****`"BBB@`HHHH`****`"B MBB@!DLJ0QM)(P55&2:X74[+6/&%\$4-;:0K94N-K-[X_.NKUS_D'C_KH*TA] MT5E.//[KV.W#5WA5[6"O)WLWT_X)B:-X5TS1HQY4(DE[R2#)_#/2MNBBKC%1 M5D -----END PRIVACY-ENHANCED MESSAGE-----