Friday 08 December 2023

CANADA – Tim Hortons announces results of Change of Control Offer for its Senior Notes

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OAKVILLE, ON – Tim Hortons Inc. (the “Company”) announced today the final results and settlement of its offers to repurchase for cash all three outstanding series of senior notes (the “Notes”) issued by the Company (the “Offers”).

The Company had previously offered to repurchase for cash all $1,200,000,000 aggregate principal amount of the outstanding Notes at a purchase price equal to 101% of the principal amount of such Notes, together with accrued and unpaid interest thereon, if any, to the date of payment, on the terms and subject to the conditions set forth in its Offer to Purchase and accompanying Letter of Transmittal dated December 12, 2014. The Offers expired at 11:59 p.m., Toronto time, on January 12, 2015.

At the time of expiry of the Offers, the following aggregate principal amount of the Notes had been properly tendered and not validly withdrawn:

  • $249,793,000 aggregate principal amount of 4.20% Senior Unsecured Notes, Series 1, due June 1, 2017 (CUSIP No. 88706 MAA1);
  • $439,960,000 aggregate principal amount of 4.52% Senior Unsecured Notes, Series 2, due December 1, 2023 (CUSIP No. 88706 MAC7); and
  • $442,012,000 aggregate principal amount of 2.85% Senior Unsecured Notes, Series 3, due April 1, 2019 (CUSIP No. 88706 MAD5).

The Company has accepted for purchase and payment all of the Notes that have been properly tendered and not validly withdrawn pursuant to the Offers.

* (all amounts in Canadian dollars)

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