TH International Limited (Tims China) announced a material financing event involving the issuance of approximately $89.9 million in new Senior Secured Convertible Notes due September 2029. The primary use of proceeds is the repurchase of all outstanding 2026 variable rate convertible notes, with remaining funds designated for operational use.
The New Notes carry an interest rate of Compounded SOFR + 8.0% (with a PIK option) and convert at $2.7822 per share (110% of prior VWAP). Crucially, these notes are secured via a pari passu first-priority security interest, including an all-asset deb
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