TH International (US:THCH) Zheng Quan Ri Bao Wang·2025-11-03 10:14Group 1 - Tim Hortons China has signed a final agreement to issue secured convertible bonds with a total principal amount of approximately $89.9 million (about 652 million RMB) [1] - The new secured bonds will mature in September 2029, and part of the proceeds will be used to repurchase all outstanding floating-rate convertible preferred bonds due in 2026 [1] - The conversion price for the new secured bonds is set at 110% of the volume-weighted average price (VWAP) of the company's shares over the five trading days prior to the signing date [1] Group 2 - Tim Hortons Restaurants International GmbH (THRI) and Cartesian Capital Group have agreed to extend the maturity date of their unsecured convertible bonds from June 2027 to September 2029, aligning the conversion price with the new secured bonds [2] - The transaction has been approved by the company's board and is expected to be completed in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approvals from Chinese authorities [2]