Yum! Brands subsidiaries that operate the company’s KFC, Pizza Hut and Taco Bell businesses have refinanced an existing approximately $2 billion term loan B under its senior secured credit facility.

The amendment modifies the company’s June 16, 2016 credit agreement with JPMorgan Chase Bank as administrative and collateral agent, according to a related 8-K filing.

The amendment reduces the interest rate applicable to the senior secured term loan by 0.75% to adjusted LIBOR + 2%, with a rate stepdown to LIBOR + 1.75%, in the event the Secured Leverage Ratio is less than 1 to 1. The repricing is expected to reduce annual cash interest by approximately $15 million.

The decrease in interest expense resulting from this repricing is another positive step towards a more efficient cost structure while maintaining an optimized capital structure of approximately 5.0x leverage.

In addition to JPMorgan Chase, Goldman Sachs Bank, Wells Fargo Securities, Citigroup Global Markets, Merrill Lynch, Pierce Fenner & Smith, Morgan Stanley Senior Funding, Fifth Third Bank and The Bank of Tokyo-Mitsubishi UFJ served as joint lead arrangers and bookrunners.

Barclays Bank, The Bank of Nova Scotia, Rabobank New York Branch and Industrial and Commercial Bank of China New York Branch served as co-documentation agents and co-managers.

Louisville-based Yum! Brands has more than 43,500 restaurants in more than 135 countries and territories.