Tims China Issues $89.9 Million Senior Secured Convertible Notes

TH International Ltd. (Nasdaq: THCH), the exclusive master franchisee of Tim Hortons in China, has announced the issuance of senior secured convertible notes due September 2029 in an aggregate principal amount of approximately US$89.9 million. The new secured notes will be convertible into newly issued ordinary shares at a price equal to 110% of the five-day volume-weighted average share price prior to signing. The notes are secured by a pledge of 100% of the shares of TH Hong Kong International Limited and an all-asset debenture of Tims China. Part of the proceeds will be used to repurchase the outstanding amount due under the company's variable rate convertible senior notes due 2026. Additionally, the maturity of the 2024 unsecured convertible notes held by Tim Hortons Restaurants International GmbH and Cartesian Capital Group has been extended from June 2027 to September 2029, with the conversion price reset to align with the new secured notes. The transaction is expected to close in the fourth quarter of 2025, pending customary closing conditions and regulatory approvals in China. Further details of these transactions will be provided in a Form 6-K to be filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website by October 31, 2025.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. TH International Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001213900-25-104662), on October 31, 2025, and is solely responsible for the information contained therein.