Item 8.01 Other Events

On September 25, 2020 (the "Closing Date"), YUM! Brands, Inc. (the "Company"), completed the issuance and sale of $1,050 million aggregate principal amount of 3.625% Senior Notes due 2031 (the "Notes"). The Notes were offered and sold pursuant to the Company's registration statement on Form S-3 (Registration No. 333-248288) filed with the Securities and Exchange Commission (the "SEC") on August 24, 2020. The Notes were issued pursuant to an Indenture, dated as of September 25, 2020 (the "Base Indenture"), by and between the Company and U.S. Bank National Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of September 25, 2020 (the "First Supplemental Indenture" and together with the Base Indenture, the "Indenture" ).

The Notes are the general unsecured senior obligations of the Company and are not guaranteed by any of the Company's subsidiaries. The Notes will mature on March 15, 2031.

The Company may redeem all or part of the Notes at any time prior to December 15, 2030, by paying a redemption price equal to 100% of the principal amount of Notes plus the Applicable Premium (as defined in the Indenture) and accrued and unpaid interest, if any, to the redemption date. On or after December 15, 2030, the Notes will be redeemable in whole at any time or in part from time to time, at the Company's option, at a redemption price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the redemption date.

The Company's wholly-owned subsidiaries, KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC, have previously given a conditional notice of redemption to the holders of their $1,050 million aggregate principal amount of Senior Notes due 2024, at a redemption price of 102.50% of the principal amount redeemed plus accrued and unpaid interest to the date of redemption of October 9, 2020. The closing of the offering of the Notes satisfied the condition set forth in the notice of redemption.

Item 9.01 Financial Statements and Exhibits






(d)    Exhibit.

The following exhibits are being filed with this Current Report on Form 8-K.





Exhibit
Number      Description
  1.1         Underwriting Agreement, dated as of September 9, 2020, by and
            between the Company and Goldman Sachs & Co. LLC, as representative
            of the several underwriters named therein.
  4.1         Indenture, dated as of September 25, 2020, by and between the
            Company and U.S. Bank National Association, as trustee.
  4.2         First Supplemental Indenture, dated as of September 25, 2020, by
            and between the Company and U.S. Bank National Association, as
            trustee.
  4.3         Form of the Company's 3.625% Notes due 2031 (included in Exhibit
            4.2).
  5.1         Opinion of Mayer Brown LLP.
  23.1        Consent of Mayer Brown LLP (included in Exhibit 5.1).
104         Cover Page Interactive Data File (formatted in Inline XBRL and
            contained in Exhibit 101)




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