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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Senior Secured Credit Facilities Refi for Yum! Brands
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent, L/C Issuer, Collateral Agent, Swing Line Lender]
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Structure
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$500MM Term Loan A; $1.50B Revolving Credit Facility
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Amount
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$2.000
Billion
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Borrower(s)
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Yum! Brands
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Description
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Yum! Brands announced that certain subsidiaries that operate the Company’s KFC, Pizza Hut and Taco Bell businesses have completed the refinancing of the existing approximately $713 million term loan A facility and $1.25 billion revolving facility through the issuance of a $500 million term loan A and a $1.50 billion revolving credit facility pursuant to an amendment to the underlying credit agreement. The Term A Loan and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the maturity of the borrowers’ existing term loan B if more than $250 million of such term loan B remains outstanding as of such date and (iii) the date that is 91 days prior to the maturity of the borrowers’ existing senior notes if more than $250 million of such senior notes remains outstanding as of such date. The total size of the bank credit facility (excluding the borrowers’ existing $1.46 billion term loan B) remains ~$2.00 billion and the transaction does not add any additional net new debt to the balance sheet. The interest rates applicable to the Term A Loan and to borrowings under the Revolving Facility have not changed from the Existing Facilities. The interest rates will be based on either Adjusted Term SOFR or the base rate, as determined by the borrowers, plus a spread based on the borrowers’ total leverage ratio. Adjusted Term SOFR refers to one month term SOFR plus 0.11448%, three month term SOFR plus 0.26161% or six month term SOFR plus 0.42826%, as selected by the borrowers. Such spread based on the borrowers’ total leverage ratio is initially 0.75% for Adjusted Term SOFR loans and 0.00% for base rate loans and ranges between 0.75% and 1.50% for Adjusted Term SOFR loans and between 0.00% and 0.50% for base rate loans based on the total leverage ratio. The “base rate” means the greatest of (a) the Prime Rate then in effect, (b) the federal funds rate then in effect plus 0.5% and (c) the rate for one month Adjusted Term SOFR rate then in effect plus 1.0%. The Term A Loan will amortize at 2.5% per annum during the second and third years following closing and at 5.0% per annum during the fourth and fifth years following closing.
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Industry
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Restaurant
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Location
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KY
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| Related Tags |
JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2024
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