Core Viewpoint - Tim Hortons China has signed a final agreement to issue approximately $89.9 million in secured convertible bonds, while also amending the terms of its existing unsecured convertible bonds due in 2024 [1][3][4]. Group 1: Bond Issuance Details - The new secured convertible bonds will mature in September 2029 and will be backed by a 100% equity pledge of TH Hong Kong International Limited and a full asset mortgage of Tim Hortons China [3][4]. - 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 [4]. Group 2: Existing Bond Amendments - Tim Hortons Restaurants International GmbH 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 that of the new secured bonds [4]. Group 3: Transaction Approval and Timeline - 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 in China [4].