Tims China Secures $15M in Second Tranche of Senior Secured Convertible Notes
THCH sits 24% above its 52-week low of $1.09.
Summary
Tims China closed the second tranche of its senior secured convertible notes, raising US$15 million. Two more tranches are expected, with the final tranche anticipated in Q1 2027.
Key Events · Financing and Capital Events · THCH
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Second Tranche Closed
Closed issuance of US$14,539,026 principal amount of Senior Secured Convertible Notes due 2029 to Tim Hortons Restaurants International GmbH, with total proceeds including accrued interest of US$15 million.
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Notes Consolidated with Original Notes
The Second Tranche of Additional Notes was consolidated and forms a single series with, and ranks pari passu with, the existing floating rate senior secured convertible notes due 2029.
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Two More Tranches Expected
The Company expects to issue two more tranches of additional notes, subject to closing conditions, with the final tranche expected in Q1 2027.
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Follows First Tranche
This follows the first tranche of $15.8 million closed on July 7, 2026, as previously disclosed.
Analysis · THCH · Trade & Services
The second tranche of Tims China's senior secured convertible note financing has closed, raising US$15 million including accrued interest. These notes rank pari passu with the existing Original Notes and mature in 2029. This follows the first tranche of $15.8 million closed in July 2026 and comes amid a going concern warning and declining revenues — the company reported Q2 2026 revenue down 21.7% year-over-year. The additional capital provides near-term liquidity but adds to the company's debt burden and potential future dilution if converted.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1973 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, THCH was trading at $1.36 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $43.4M. The 52-week trading range was $1.09 to $3.25. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.