(Refiles last graph to say shares closed at C$40.54) * Says priced 4.2 percent note at C$102.273
* Says to use proceeds to refinance debt maturing Feb'11
* Offering to close Dec 1
(Adds details, shares)
Nov 25 (Reuters) - Tim Hortons Inc (THI.TO) said it would offer C$100 million ($99 million) of senior unsecured notes, and use the proceeds to refinance the remaining portion of its existing term debt set to mature in February next year.
Tim Hortons, Canada's largest restaurant chain, priced the 4.2 percent note due June 1, 2017 at C$102.273 to yield 3.802 percent, or 104 basis points over the Canadian government yield curve.
The company said the offering, which is expected to close by Dec 1, is a reopening of a note issued earlier this year and brings the total amount outstanding to C$300 million.
These notes will have semi-annual interest payments made equally, it said.
The Oakville, Ontario-based company also said it is currently in the process of refinancing its bank revolver facility, maturing Feb. 28, 2011.
It expects to complete the new $250-million revolver facility with a 4-year term by the end of the year.
Tim Hortons shares, which have gained more than 34 percent in value in the past one year, ended down 59 Canadian cents at C$40.54 Thursday on the Toronto Stock Exchange.
($1=$1.01 Canadian)
(Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)
*We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters.
�
This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Beyond Hiroshima - The Non-Reporting of Falluja's Cancer Catastrophe.
No comments:
Post a Comment