Tim Horton’s starts change-of-control offer for 4.2%, 4.52%, 2.875% senior notes

By Tali Rackner

Norfolk, Va., Dec. 12 – Tim Horton’s Inc. has begun a change-of-control offer to purchase C$300 million principal amount of its 4.2% series 1 senior notes due 2017, its 4.52% senior notes due 2023 and C$450 million principal amount of its 2.875% series 3 senior notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

Tim Horton’s is offering to repurchase the notes at a purchase price in cash equal to 101% of par plus accrued interest through the payment date.

The change of control is in connection with the completion of Restaurant Brands International, Inc.’s acquisition of the company and Burger King Worldwide, Inc.

Oakville, Ont.-based Tim Horton’s is a publicly traded restaurant chain that operates more than 4,000 locations in Canada, the United States and the Gulf Cooperation Council.

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