TH International completed a second Tranche of senior secured convertible notes with $15 million in total proceeds, including accrued interest. The notes now form one series with the existing 2029 notes and rank equally, while two more tranches are expected subject to closing conditions.

Key Highlights

  • The second tranche carried an aggregate principal amount of US$14,539,026.
  • The additional notes were issued to Tim Hortons Restaurants International GmbH and consolidated with the existing note series.
  • Two further tranches are expected, with the final issuance targeted for the first quarter of 2027.

$14.5M Principal Tranche Joins Existing Notes

The additional notes were issued to Tim Hortons Restaurants International GmbH with an aggregate principal amount of US$14,539,026. Total proceeds, including accrued interest, reached US$15 million. TH International (NASDAQ: THCH) consolidated the new notes with the existing 2029 notes into one series. The second tranche therefore carries the same ranking as those original notes, with both classes treated pari passu. The notes form part of the company’s senior secured convertible note structure. The transaction closed on September 10, 2026.

Any notes issued in those transactions are expected to join the existing series alongside the second tranche. The final tranche is expected in the first quarter of 2027. All of the additional notes are expected to form one series with the original notes once issued.