Tim Hortons Inc. announces pricing of private offering of $450 million of senior unsecured notes

Tim Hortons Inc. announces pricing of private offering of $450 million of 
senior unsecured notes 
(All amounts in Canadian dollars) 
OAKVILLE, ON, March 25, 2014 /CNW/ - Tim Hortons Inc. (TSX: THI, NYSE: THI) 
today announced that it has priced an offering of $450 million principal 
amount of 2.85% senior unsecured notes due April 1, 2019 (the "Notes").  The 
offering is expected to close March 28 2014. 
The Notes are being offered in Canada on a private placement basis in reliance 
upon exemptions from the prospectus requirements under applicable Canadian 
securities legislation. The Notes will bear interest at a fixed annual coupon 
rate of 2.85% over the 5-year term. The Notes will rank pari passu with all 
other senior unsecured and unsubordinated indebtedness of Tim Hortons, except 
as to any sinking fund and statutorily preferred exceptions. 
In August 2013, the Board of Directors of Tim Hortons approved a 
recapitalization of the Company's balance sheet, including the issuance of 
$900 million of additional debt.  That debt target is expected to be met 
through a combination of the current offering and the previous issuance in 
November 2013 of $450 million of 4.52% senior unsecured notes due December 1, 
Net proceeds from the offering are intended to be used primarily to repay 
indebtedness outstanding under a bridge credit facility, which is available 
for general corporate purposes, including share repurchases. 
The Notes have been provisionally rated BBB with a Stable trend by DBRS 
Limited. The offering is being made through an agency syndicate of dealers 
consisting of RBC Dominion Securities Inc., TD Securities Inc. and Scotia 
Capital Inc. as joint bookrunners, and also including Citigroup Global Markets 
Canada Inc. 
The Notes have not been and will not be qualified for sale to the public under 
applicable securities laws in Canada and, accordingly, any offer and sale of 
the Notes in Canada will be made on a basis which is exempt from the 
prospectus requirements of such securities laws. This news release does not 
constitute an offer to sell, or the solicitation of an offer to buy, the 
securities in the United States or any other jurisdiction. The securities have 
not been and will not be registered under the United States Securities Act of 
1933 (the "U.S. Securities Act") or applicable state securities laws and may 
not be offered or sold in the United States absent registration or an 
exemption from the registration requirement under the U.S. Securities Act and 
applicable state securities laws. The securities being offered have not been 
approved or disapproved by any Canadian or U.S. securities regulatory 
Safe Harbor Statement 
Certain information in this news release, particularly information regarding 
future performance, finances, and plans, expectations and objectives of 
management, and other information, constitutes forward-looking information 
within the meaning of Canadian securities laws and forward-looking statements 
within the meaning of the Private Securities Litigation Reform Act of 1995. We 
refer to all of these as forward-looking statements. Various factors including 
competition in the quick service segment of the food service industry, general 
economic conditions and others described as "risk factors" in the Company's 
2013 Annual Report on Form 10-K filed on February 25(th), 2014 with the U.S. 
Securities and Exchange Commission and the Canadian Securities Administrators, 
could affect the Company's actual results and cause such results to differ 
materially from those expressed in, or implied by, forward-looking statements. 
As such, readers are cautioned not to place undue reliance on forward-looking 
statements contained in this news release, which speak only as to management's 
expectations as of the date hereof. 
Forward-looking statements are based on a number of assumptions which may 
prove to be incorrect, including, but not limited to, assumptions about: (i) 
prospects and execution risks concerning our growth strategy; (ii) the absence 
of an adverse event or condition that damages our strong brand position and 
reputation; (iii) the absence of a material increase in competition or in 
volume or type of competitive activity within the quick service restaurant 
segment of the food service industry; (iv) cost and availability of 
commodities; (v) the absence of an adverse event or condition that disrupts 
our distribution operations or impacts our supply chain; (vi) continuing 
positive working relationships with the majority of the Company's restaurant 
owners; (vii) the absence of any material adverse effects arising as a result 
of litigation; (viii) there being no significant change in the Company's 
ability to comply with current or future regulatory requirements; (ix) the 
ability to retain our senior management team or the inability to attract and 
retain new qualified personnel; * the Company's ability to maintain investment 
grade credit ratings; (xi) the Company's ability to obtain financing on 
favorable terms; and (xii) general worldwide economic conditions. 
We are presenting this information for the purpose of informing you of 
management's current expectations regarding these matters, and this 
information may not be appropriate for any other purpose. We assume no 
obligation to update or alter any forward-looking statements after they are 
made, whether as a result of new information, future events, or otherwise, 
except as required by applicable law. Please review the Company's Safe Harbor 
Statement at www.timhortons.com/ca/en/about/safeharbor.html. 
Tim Hortons Inc. Overview 
Tim Hortons is one of the largest publicly-traded restaurant chains in North 
America based on market capitalization, and the largest in Canada. Operating 
in the quick service segment of the restaurant industry, Tim Hortons appeals 
to a broad range of consumer tastes, with a menu that includes premium coffee, 
hot and cold specialty drinks (including lattes, cappuccinos and espresso 
shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini 
and classic sandwiches, wraps, soups, prepared foods and other food products.  
As of December 29, 2013, Tim Hortons had 4,485 systemwide restaurants, 
including 3,588 in Canada, 859 in the United States and 38 in the Gulf 
Cooperation Council. More information about the Company is available at 

SOURCE  Tim Hortons 
Olga Petrycki: (905) 339-5960 orinvestor_relations@timhortons.com 
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CO: Tim Hortons
ST: Ontario
-0- Mar/25/2014 18:46 GMT
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