Tim Hortons Enters Into $250M Credit Facility

On December 13, 2010, Tim Hortons Inc. and The TDL Group Corp. entered into a $250 million credit facility with a syndicate of lenders led by The Bank of Nova Scotia as administrative agent and JPMorgan Chase Bank, N.A. as syndication agent. The syndicate of lenders also included Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of America, N.A., The Toronto-Dominion Bank, PNC Bank, Canada Branch, Bank of Montreal and Citibank, N.A.

The credit facility comprises a $250 million revolving credit commitment with an additional $150 million available through a commitment increase right.

Tim Hortons Inc. and The TDL Group Corp. were represented by Jill Aebker, Deputy General Counsel and Secretary, and Ryan Mills, Corporate Counsel, and by Borden Ladner Gervais LLP with a team including Alec Zimmerman and Angela Lin.

Both agents and the syndicate of lenders were represented by Miller Thomson LLP with a team including Nora Osbaldeston, Tom Tower, Andy Chan and Ian Mak.