(All amounts in Canadian dollars)
OAKVILLE, ON, Jan. 13, 2015 /PRNewswire/ - 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expiry of the Offers, the following aggregate principal amount of the Notes had been properly tendered and not validly withdrawn: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The Company has accepted for purchase and payment all of the Notes that have been properly tendered and not validly withdrawn pursuant to the Offers.
Tim Hortons Inc. Overview
Tim Hortons, part of Restaurant Brands International, is one of North America's largest restaurant chains operating in the quick service segment. Founded as a single location in Canada in 1964, Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes premium coffee, hot and cold specialty drinks (including lattes, cappuccinos and espresso shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini and classic sandwiches, wraps, soups, prepared foods and other food products. As of September 28, 2014, Tim Hortons had 4,590 systemwide restaurants, including 3,665 in Canada, 869 in the United States and 56 in the Gulf Cooperation Council. More information about the Company is available at www.timhortons.com.
About Restaurant Brands International Inc.
Restaurant Brands International is one of the world's largest quick service restaurant companies with approximately $23 billion in system sales and over 18,000 restaurants in 100 countries. Restaurant Brands International owns two of the world's most prominent and iconic quick service restaurant brands – Tim Hortons® and BURGER KING®. These independently operated brands have been serving their respective guests, franchisees and communities for over 50 years.
SOURCE Tim Hortons