TH International Limited Issues Senior Secured Convertible Notes and Amends Existing Convertible Notes

TH International Limited (Tims China) announced the issuance of Senior Secured Convertible Notes due September 2029, with an aggregate principal amount of approximately US$89.9 million. The company also amended its existing 2024 unsecured convertible notes, extending their maturity from June 2027 to September 2029. The transaction, approved by the board of directors, is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approvals in China. The new Notes will bear an interest rate at compounded SOFR plus 8.0% and will be secured by a Share Charge over 100% of the company’s equity interests in TH Hong Kong International Limited and a debenture over all of the company’s assets. The proceeds from the Notes will be used to repurchase all outstanding amounts due under the company’s variable rate convertible senior notes due 2026.