J. STEVEN PATTERSON | ||
202.887.4152/fax: 202.887.4288 | ||
spatterson@akingump.com |
March 6, 2006
Max A. Webb
Assistant Director
United States Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Mail Stop 3561
Assistant Director
United States Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Mail Stop 3561
Re: | Tim Hortons Inc. Registration Statement on Form S-1 File Number 333-130035 |
Dear Mr. Webb:
On behalf of Tim Hortons Inc., a Delaware corporation (the “Registrant”), we would like to further discuss comment 1 contained in the Staff’s comment letter dated February 24, 2006 regarding Pre-Effective Amendment No. 2 to the Registrant’s registration statement filed on Form S-1 (the "Registration Statement”), File Number 333-130035, filed December 1, 2005.
Comment 1 directed the Registrant to “remove from the cover page the firms that are not lead underwriters, or tell us in your response letter why you believe inclusion of the additional firms is so material under Item 501 of Regulation S-K as to merit inclusion on the cover page.”
Item 501(b)(8)(i) of Regulation S-K requires that the registrant include, on the outside front cover page of the prospectus, the “[n]ame(s) of the lead or managing underwriter(s).” That Item does not require a listing of only the “lead ormaterialmanaging underwriters,” nor does it require a listing of only the “lead managingunderwriters.” Although most initial public offerings have multiple managing underwriters with different roles in the offering and thus different titles (e.g., “lead manager” or “book-running manager”), each of these underwriters typically is designated a “co-managing underwriter” in the offering. Thus, inclusion of all co-managing underwriters on the outside front cover page is consistent with the requirement under Item 501(b)(8)(i) to include the names of the “lead or managing underwriter(s),” and exclusion of some of the co-managing underwriters would be inconsistent with that requirement.
1111 Louisiana Street, 44th Floor / Houston, Texas 77002-5200 / 713.220.5800 / fax: 713.236.0822 / akingump.com
Securities and Exchange Commission
March 6, 2006
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March 6, 2006
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The inclusion of all co-managing underwriters on the outside front cover page is consistent not only with the requirements under Regulation S-K, but also with market practice. The offering contemplated by the Registrant has 11 co-managing underwriters. This number of co-managing underwriters is typical of an offering with the size and complexity of that contemplated by the Registrant, particularly in light of the fact that the shares are being offered to the public in Canada as well as the US. The inclusion of those underwriters’ names on the outside front cover of the prospectus is also typical market practice. This is evident from a review of recent offerings: Since January 2005, 31 initial public offerings have occurred with at least seven co-managing underwriters (see the attached appendix). In each of those offerings, all of the co-managers were included on the outside front cover page of the prospectus.
In addition, as noted on the SEC website, in the “Investor Education and Assistance” section (at http://www.sec.gov/investor/pubs/analysts.htm), investors will
find a list of the lead or managing underwriters on the front cover of both the preliminary and final copies of the prospectus. By convention, the name of the lead underwriter — the firm that stands to make the most money on the deal — will appear first, and any co-managers will generally be listed second in alphabetical order.
In the offering contemplated by the Registrant, Goldman, Sachs & Co. and RBC Capital Markets are the “lead underwriters” and the other nine are the “co-managers,” and the Registrant intends to list Goldman, Sachs & Co. and RBC Capital Markets first, followed by the other nine co-managers.
Because the inclusion of all co-managing underwriters on the outside front cover page is consistent with Regulation S-K and market practice, the Registrant respectfully submits that all 11 co-managing underwriters should be listed on the outside front cover page of the prospectus contained within the Registration Statement.
If you have further questions or comments, or if you require additional information, please do not hesitate to contact the undersigned by telephone at (202) 887-4152 or by facsimile at (202) 955-7614. Thank you for your assistance.
Very truly yours, | ||
J. Steven Patterson |
Securities and Exchange Commission
March 6, 2006
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March 6, 2006
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Enclosures
cc: | Michele M. Anderson, Legal Branch Chief |
Cheryl Grant, Staff Attorney Linda Cverkel, Accountant Branch Chief Jeffrey Jaramillo, Staff Accountant Leon M. McCorkle, Jr., Wendy’s International, Inc. Robert E. Buckholz, Sullivan & Cromwell LLP |
Appendix
Pricing | Issuer | Total | Total | No of | No of Co- | Number of | ||||||||||||||||||
Date | Amount | Managers | Lead | managers | Managers on | |||||||||||||||||||
managers | The Front Cover | |||||||||||||||||||||||
11/10/05 | Clear Channel Outdoor Holdings Inc | 630.0 | 17 | 5 | 12 | 17 | ||||||||||||||||||
05/10/05 | Warner Music Group | 554.2 | 16 | 6 | 10 | 16 | ||||||||||||||||||
02/10/05 | Huntsman Corp | 1,593.0 | 12 | 4 | 8 | 12 | ||||||||||||||||||
01/25/06 | Chipotle Mexican Grill Inc | 199.3 | 10 | 2 | 8 | 10 | ||||||||||||||||||
11/21/05 | Tronox Inc | 244.7 | 10 | 2 | 8 | 10 | ||||||||||||||||||
03/16/05 | PanAmSat Holding Corp | 900.0 | 10 | 3 | 7 | 10 | ||||||||||||||||||
02/15/05 | Wright Express Corp | 720.0 | 10 | 3 | 7 | 10 | ||||||||||||||||||
02/08/05 | Valor Communications Group Inc | 506.7 | 10 | 3 | 7 | 10 | ||||||||||||||||||
01/20/05 | Celanese Corp | 800.0 | 10 | 5 | 5 | 10 | ||||||||||||||||||
08/08/05 | Seaspan Corp | 605.8 | 9 | 4 | 5 | 9 | ||||||||||||||||||
08/04/05 | Dresser-Rand Group Inc | 652.1 | 9 | 3 | 6 | 9 | ||||||||||||||||||
12/15/05 | Spansion Inc | 567.2 | 8 | 2 | 6 | 8 | ||||||||||||||||||
09/22/05 | Global Cash Access LLC | 256.0 | 8 | 2 | 6 | 8 | ||||||||||||||||||
08/10/05 | Refco Inc | 670.5 | 8 | 3 | 5 | 8 | ||||||||||||||||||
07/14/05 | Quintana Maritime Ltd | 220.9 | 8 | 2 | 6 | 8 | ||||||||||||||||||
06/28/05 | Neustar Inc | 695.8 | 8 | 4 | 4 | 8 | ||||||||||||||||||
05/05/05 | Bois d Arc Energy LLC | 175.5 | 8 | 1 | 7 | 8 | ||||||||||||||||||
02/13/06 | Morgans Hotel Group | 360.0 | 7 | 2 | 5 | 7 | ||||||||||||||||||
02/02/06 | Healthspring Inc | 421.6 | 7 | 3 | 4 | 7 | ||||||||||||||||||
12/15/05 | Emergency Medical Services Corp | 113.4 | 7 | 2 | 5 | 7 | ||||||||||||||||||
12/08/05 | Basic Energy Services Inc | 287.5 | 7 | 2 | 5 | 7 | ||||||||||||||||||
10/12/05 | Double Hull Tankers Inc | 199.8 | 7 | 2 | 5 | 7 | ||||||||||||||||||
10/11/05 | TAL International Group | 225.0 | 7 | 4 | 3 | 7 | ||||||||||||||||||
08/16/05 | Rockwood Holdings Inc | 469.4 | 7 | 4 | 3 | 7 | ||||||||||||||||||
08/10/05 | CF Industries Holdings Inc | 759.0 | 7 | 2 | 5 | 7 | ||||||||||||||||||
08/08/05 | Ruth’s Chris Steak House Inc | 269.1 | 7 | 3 | 4 | 7 | ||||||||||||||||||
05/04/05 | Lazard Ltd | 854.6 | 7 | 5 | 2 | 7 | ||||||||||||||||||
International Securities | ||||||||||||||||||||||||
03/08/05 | Exchange Inc | 208.0 | 7 | 2 | 5 | 7 | ||||||||||||||||||
02/14/05 | Alpha Natural Resources LLC | 644.6 | 7 | 3 | 4 | 7 | ||||||||||||||||||
02/09/05 | Syniverse Holdings | 281.9 | 7 | 3 | 4 | 7 | ||||||||||||||||||
01/27/05 | Dollar Financial Corp | 120.0 | 7 | 2 | 5 | 7 |