The Wendy's Company Announces Agreement to Refinance Debt

          The Wendy's Company Announces Agreement to Refinance Debt

Company Expects to Generate $19 Million in Annual Net Interest Expense Savings

PR Newswire

DUBLIN, Ohio, April 17, 2013

DUBLIN, Ohio, April 17, 2013 /PRNewswire/ --The Wendy's Company (NASDAQ: WEN)
today announced that its indirect wholly owned subsidiary, Wendy's
International, Inc., has entered into an agreement to refinance its existing
credit facility. Subject to certain closing conditions, the Company expects
the transaction to close on May 16, 2013.

(Logo: http://photos.prnewswire.com/prnh/20120831/MM66742LOGO )

The Company expects this refinancing to generate more than $19 million in
ongoing annual interest expense savings, in addition to the approximately $30
million in ongoing annual net interest expense savings from the Company's 2012
refinancing. Based on current market conditions, the refinancing represents a
year-over-year reduction in interest expense of approximately 175 basis
points.

Details of the refinancing are as follows:

  oRefinancing of $350 million of the approximately $1,119 million senior
    secured Term Loan B into a new senior secured Term Loan A, which will have
    an interest rate margin of 2.25 percent for Eurodollar rate loans (and no
    floor) and will mature in May 2018, one year earlier than the Term Loan B.
  oExtension of the maturity of the $200 million revolving credit facility by
    one year (from May 2017 to May 2018).
  oRepricing of the remaining Term Loan B balance of approximately $769
    million by reducing the interest rate margin from 3.5 percent to 2.5
    percent for Eurodollar rate loans and by reducing the floor from 1.25
    percent to 0.75 percent for Eurodollar rate loans.

The refinancing does not contain any material changes to existing covenants or
other terms of the credit facility, beyond those described above. The Company
anticipates certain fees and noncash expenses associated with the transaction,
but does not expect to incur any prepayment premiums as a result of the
refinancing. The Company expects to maintain its current leverage ratios as a
result of the refinancing.

"This transaction is an important part of our financial management component
of our 'Recipe to Win,'" said Chief Financial Officer Steve Hare. "Coupled
with our 2012 refinancing, we will reduce our annual net interest expense by
approximately $50 million compared to two years ago. This will benefit our
cash flow and earnings per share in the coming years, and provides us with
additional flexibility with respect to organic growth opportunities and
shareholder-enhancing initiatives."

Bank of America Merrill Lynch and Wells Fargo are acting as joint lead
arrangers in the transaction.

First-Quarter Earnings Release and Conference Call Scheduled for May 8
The Company will release its first-quarter earnings results before the market
opens on May 8 and host a conference call at 10 a.m. ET the same day, with a
simultaneous webcast from the investor relations section of the Company's
website at www.aboutwendys.com. Hosting the call will be President and Chief
Executive Officer Emil Brolick, Chief Financial Officer Steve Hare and Chief
Communications Officer John Barker. The live conference call will be available
at (877) 572-6014 or, for international callers, at (281) 913-8524. An
archived webcast with the accompanying slides will be available on the
Company's website at www.aboutwendys.com.

Forward-Looking Statements
This news release contains certain statements that are not historical facts,
including, most importantly, information concerning possible or assumed future
results of operations of The Wendy's Company and its subsidiaries
(collectively, the "Company").Those statements, as well as statements
preceded by, followed by, or that include the words "may," "believes,"
"plans," "expects," "anticipates," or the negation thereof, or similar
expressions, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Reform Act").All
statements that address future operating, financial or business performance;
strategies or expectations; future synergies, efficiencies or overhead
savings; anticipated costs or charges; future capitalization; and anticipated
financial impacts of recent or pending transactions are forward-looking
statements within the meaning of the Reform Act.The forward-looking
statements are based on the Company's expectations at the time such statements
are made, speak only as of the dates they are made and are susceptible to a
number of risks, uncertainties and other factors.The Company's actual
results, performance and achievements may differ materially from any future
results, performance or achievements expressed in or implied by the
forward-looking statements.

For all forward-looking statements, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Reform Act. Many
important factors could affect future results and could cause those results to
differ materially from those expressed in or implied by the forward-looking
statements.Such factors, all of which are difficult or impossible to predict
accurately, and many of which are beyond the Company's control, include, but
are not limited to:

(1) changes in the quick-service restaurant industry, such as consumer trends
toward value-oriented products and promotions or toward consuming fewer meals
away from home;
(2) prevailing economic, market and business conditions affecting the
Company, including competition from other food service providers, high
unemployment and decreased consumer spending levels;
(3) the ability to effectively manage the acquisition and disposition of
restaurants;
(4) cost and availability of capital;
(5) cost fluctuations associated with food, supplies, energy, fuel,
distribution or labor;
(6) the financial condition of the Company's franchisees;
(7) food safety events, including instances of food-borne illness involving
the Company or its supply chain;
(8) conditions beyond the Company's control such as weather, natural
disasters, disease outbreaks, epidemics or pandemics impacting the Company's
customers or food supplies, or acts of war or terrorism;
(9) the effects of negative publicity that can occur from increased use of
social media;
(10) the availability of suitable locations and terms for the development of
new restaurants;
(11)risks associated with the Image Activation program;
(12) adoption of new, or changes in, laws, regulations or accounting policies
and practices;
(13)changes in debt, equity and securities markets;
(14)goodwill and long-lived asset impairments;
(15)changes in interest rates;
(16) expenses and liabilities for taxes related to periods up to the date of
sale of Arby's as a result of the indemnification provisions of the Arby's
Purchase and Sale Agreement; and
(17) other factors cited in the Company's news releases, public statements
and/or filings with the Securities and Exchange Commission, including those
identified in the "Risk Factors" sections of the Company's Forms 10-K and
10-Q.

The Company's franchisees are independent third parties that the Company does
not control. Numerous factors beyond the control of the Company and its
franchisees may affect new restaurant openings. Accordingly, there can be no
assurance that commitments under development agreements with franchisees will
result in new restaurant openings.

All future written and oral forward-looking statements attributable to the
Company or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to above. New
risks and uncertainties arise from time to time, and it is impossible for the
Company to predict these events or their impact. The Company assumes no
obligation to update forward-looking statements as a result of new
information, future events or developments, except as required by federal
securities laws. The Company does not endorse any projections regarding future
performance that may be made by third parties.

About The Wendy's Company
The Wendy's Company is the world's third-largest quick-service hamburger
company. The Wendy's system includes more than 6,500 franchise and
Company-operated restaurants in the United States and 27 countries and U.S.
territories worldwide. For more information, visit aboutwendys.com or
wendys.com.

SOURCE The Wendy's Company

Website: http://www.wendys.com
Contact: Media and Investors: John Barker: (614) 764-3044 or
john.barker@wendys.com, or Dave Poplar: (614) 764-3311 or
david.poplar@wendys.com
 
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