Filed Pursuant to Rule 433

Registration Statement No. 333-133097

Dated April 10, 2006

 

 

PRICING TERM SHEET

 

Issuer:

Yum! Brands, Inc.

Ratings:

Baa3 / BBB / BBB (On Review for Possible Upgrade / Stable / Stable)

Format:

SEC Registered

Ranking:

Senior Unsecured

Offering Size:

$300,000,000

Trade Date:

April 10, 2006

Settlement Date:

April 13, 2006

Maturity Date:

April 15, 2016

Interest Payment Dates:

Payable semi-annually on April 15 and October 15

First Pay Date:

October 15, 2006

Treasury Benchmark:

UST 4.50% due February 15, 2016

UST Spot (PX / Yield):

96-13 / 4.965%

Re-offer Spread to UST:

+ 130 bps

Re-offer Yield to Maturity:

6.265%

Coupon:

6.250%

Issue Price:

99.889%

Net Proceeds to Issuer:

$297,717,000

Day Count Basis:

30 / 360

Optional Redemption:

Make Whole + 20 bps

Minimum Denomination:

$1,000

CUSIP:

988498AB7

Bookrunner:

Goldman, Sachs & Co.

Co-managers:

Citigroup, JPMorgan

 

The issuer has filed a registration statement (including a prospectus) with the 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 toll-free 1-866-471-2526.