TH International issues $15M 2029 convertible notes
Rhea-AI Filing Summary
TH International Ltd (Tims China) reported that it has closed the issuance of a second tranche of its Senior Secured Convertible Notes due 2029 to Tim Hortons Restaurants International GmbH, with an aggregate principal amount of US$14,539,026 and total proceeds, including accrued interest, of US$15 million.
These additional notes are consolidated into a single series with, and rank pari passu with, Tims China’s existing floating rate senior secured convertible notes due 2029. The company expects to issue two further tranches of additional notes, subject to closing conditions, with the final tranche expected in the first quarter of 2027.
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Key Figures
Second tranche principal amount: US$14,539,026
Second tranche total proceeds: US$15 million
Notes maturity year: 2029
+2 more
5 metrics
Second tranche principal amount
US$14,539,026
Aggregate principal amount of Senior Secured Convertible Notes due 2029 in the second tranche
Second tranche total proceeds
US$15 million
Total proceeds including accrued interest from the second tranche of additional notes
Notes maturity year
2029
Stated maturity of the Senior Secured Convertible Notes issued and outstanding
Additional tranches expected
2 tranches
Number of additional tranches of notes the company expects to issue, subject to conditions
Expected final tranche timing
First quarter of 2027
Timing stated for the expected issuance of the final tranche of additional notes
Key Terms
Senior Secured Convertible Notes, floating rate senior secured convertible notes, pari passu, Indenture
4 terms
Senior Secured Convertible Notes financial
"issuance of the second tranche of Senior Secured Convertible Notes due 2029"
A senior secured convertible note is a loan a company issues that sits near the top of its repayment order (senior), is backed by specific assets as collateral (secured), and can be swapped into company shares later (convertible). For investors this matters because it combines lower risk of repayment and legal protection from the collateral with the upside of converting into equity—so it affects both the safety of debt holders and potential dilution for shareholders.
floating rate senior secured convertible notes financial
"the Company’s existing floating rate senior secured convertible notes due 2029"
pari passu financial
"formed a single series with, and ranks pari passu with, the Company’s existing"
An instruction that different claims, securities, or creditors are treated equally and share rights or payments on the same priority level. For investors, it means their position will be paid or have voting power alongside others in the same class rather than being favored or subordinated—think of several people standing in one bus line who all get on together rather than some cutting ahead. That parity affects expected recovery in reorganizations, dividend order, and relative risk.
Indenture financial
"Indenture (incorporated by reference to Exhibit 10.1 to the Form 6-K"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What financing transaction did THCH (TH International Ltd) complete in September 2026?
TH International Ltd completed the issuance of a second tranche of Senior Secured Convertible Notes due 2029 to Tim Hortons Restaurants International GmbH, with an aggregate principal amount of US$14,539,026 and total proceeds, including accrued interest, of US$15 million.
Who purchased the new Senior Secured Convertible Notes from THCH?
The second tranche of Senior Secured Convertible Notes due 2029 was issued to Tim Hortons Restaurants International GmbH, according to TH International Ltd.
What is the principal amount and proceeds of THCH’s second tranche of notes?
The second tranche of Senior Secured Convertible Notes has an aggregate principal amount of US$14,539,026, and the total proceeds, including accrued interest, are US$15 million.
How do the new THCH notes relate to the existing 2029 notes?
Upon issuance, the second tranche of additional notes was consolidated and formed a single series with, and ranks pari passu with, TH International Ltd’s existing floating rate senior secured convertible notes due 2029.
Does THCH plan more tranches of Senior Secured Convertible Notes?
TH International Ltd expects to issue two more tranches of additional notes, subject to their closing conditions, and states that the final tranche is expected to be issued in the first quarter of 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
