Tim Hortons Inc said on Wednesday it is selling about C$450 million ($426.9 million) in senior unsecured 10-year notes as part of a plan to fund a previously announced share buyback by the coffee and doughnut chain. The C$1 billion share buyback program was announced earlier this year in response to pressure from two activist investors.The notes will sold through a private placement expected to close before the end of the month. The coupon on the notes, which come due on Dec. 1, 2023, has been priced at 4.52 percent, the Oakville, Ontario-based company said.Tim Hortons said it plans to use proceeds from the offering to pay down outstanding debt under a bridge credit facility that it took on last month to help fund its expanded share repurchase program.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI fell by 0.77% or $-0.45/share to $58.13. In the past year, the shares have traded as low as $45.52 and as high as $61.46. On average, 231817 shares of THI exchange hands on a given day and today's volume is recorded at 88223.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI fell by 0.05% or $-0.03/share to $61.57. In the past year, the shares have traded as low as $45.11 and as high as $64.18. On average, 352347 shares of THI.TO exchange hands on a given day and today's volume is recorded at 247027.
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