# Yum China Holdings, Inc. (YUMC) — capital_raise [completed]
Source: SEC API (secapi.ai) · situation sit_cbc792d4b6f4f0ce374d · retrieved 2026-08-12T06:58:54.608Z

## Overview
Yum China Holdings, Inc. operates KFC, Taco Bell, and Pizza Hut restaurant brands in mainland China through a licensing arrangement with Yum! Brands.

Yum China Holdings, Inc. completed its acquisition of Willow Glade Investments, LLC from Yum! Brands on August 7, 2026, for $1.2 billion in cash, acquiring the Pizza Hut brand intellectual property and related rights in mainland China. The company financed the transaction with a senior unsecured bridge credit facility of CNH 8.4 billion. Concurrently, Yum China and Yum! Brands amended and restated the master license agreement for KFC and Taco Bell brands to remove all Pizza Hut references and future royalties, reflecting the separation of Pizza Hut from the KFC/Taco Bell licensing arrangement.

## Terms
- Counterparty: Yum! Brands, Inc. · Deal value: $1.20B · Consideration: cash

## Key dates
- Announced 2026-08-06 · Expiry 2026-11-16 · Completed 2026-08-07

## Timeline
- 2026-08-06 · 8-K (0001193125-26-336485): 8-K - Yum China Holdings, Inc. — *Yum China Holdings, Inc. is a restaurant company that operates and franchises KFC, Pizza Hut, and Taco Bell restaurants in China.* On July 31, 2026, Yum China Holdings, Inc. entered into a Bridge Credit Agreement with HSBC Bank USA, National Association and Citibank N.A., Hong Kong Branch as lenders. The facility provides a senior unsecured term loan commitment of CNH8,400,000,000 (approximately $1.17 billion USD equivalent), available in a single drawing during an availability period ending on the earliest of November 16, 2026, the closing of the Pizza Hut acquisition, or termination of the underlying purchase agreement. The Term Loan has an initial maturity of 180 days from funding, extendable at the Company's election for one or three-month periods up to a maximum of 364 days from funding. Proceeds are designated to finance the acquisition of Pizza Hut (Willow Glade Investments, LLC) from Yum! Brands, Inc. pursuant to a Membership Interest Purchase Agreement dated June 16, 2026, and to pay related fees, costs, and expenses. The loan bears interest at CNH HIBOR plus a tiered margin (0.40% for the first 180 days, 0.45% for days 180–270, and 0.50% thereafter), with an estimated all-in rate of approximately 2% per annum.
  https://www.sec.gov/Archives/edgar/data/1673358/0001193125-26-336485.txt
- 2026-08-07 · 8-K (0001193125-26-339048): 8-K - Yum China Holdings, Inc. — *Yum China Holdings, Inc. operates KFC, Taco Bell, and Pizza Hut restaurant brands in mainland China through a licensing arrangement with Yum! Brands.* Yum China Holdings, Inc. completed its acquisition of Willow Glade Investments, LLC from Yum! Brands on August 7, 2026, for $1.2 billion in cash, acquiring the Pizza Hut brand intellectual property and related rights in mainland China. The company financed the transaction with a senior unsecured bridge credit facility of CNH 8.4 billion. Concurrently, Yum China and Yum! Brands amended and restated the master license agreement for KFC and Taco Bell brands to remove all Pizza Hut references and future royalties, reflecting the separation of Pizza Hut from the KFC/Taco Bell licensing arrangement.
  https://www.sec.gov/Archives/edgar/data/1673358/0001193125-26-339048.txt

## Citations
- 0001193125-26-336485 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526336485
- 0001193125-26-339048 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526339048