Tim Hortons Files to Sell Stock in IPO
Tim Hortons Files to Sell $600 Million Worth of Stock in Initial Public Offering Set for March
Tim Hortons Inc., the Canadian restaurant unit of Wendy's International Inc., on Thursday filed with regulators to sell $600 million of stock in an initial public offering.
Details about the number of shares offered and the estimated price range weren't disclosed in the company's filing with the Securities and Exchange Commission.
The doughnut maker said it will use proceeds from the IPO to repay debt owed to its parent Wendy's. Goldman Sachs and RBC Capital Markets are managing the deal.
In July, Wendy's responded to shareholder pressure by agreeing to spin off Tim Hortons, whose steady growth has outpaced sluggish sales at the company's U.S.-based chain of burger joints.
External Source - For the complete article click here
Source - AP
Details about the number of shares offered and the estimated price range weren't disclosed in the company's filing with the Securities and Exchange Commission.
The doughnut maker said it will use proceeds from the IPO to repay debt owed to its parent Wendy's. Goldman Sachs and RBC Capital Markets are managing the deal.
In July, Wendy's responded to shareholder pressure by agreeing to spin off Tim Hortons, whose steady growth has outpaced sluggish sales at the company's U.S.-based chain of burger joints.
External Source - For the complete article click here
Source - AP
