Luckin Coffee Inc (LKNCY)

[surfer44]

Luckin Coffee Announces Full Redemption of Offshore Debt Securities

Fri, August 26, 2022 at 5:30 AM

Redemption Further Optimizes Luckin Coffee’s Capital Structure

Company Maintains Strong Liquidity Position

BEIJING, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) (OTC: LKNCY) today announced the redemption in full of its US$109.9 million of 9.00% Series B Senior Secured Notes due 2027 (the “New Notes”). The New Notes represent the Company’s only offshore debt securities and the redemption marks an important step to further optimize the Company’s capital structure.

The aggregate redemption price of the New Notes is US$110.6 million, which constitutes the aggregate principal amount outstanding plus the aggregate accrued interest. The aggregate redemption price is paid from the Company’s available offshore cash balance and the Company’s liquidity position remains strong.

With the full redemption of the New Notes, the role of the scheme supervisors under the previously announced Restructuring Support Agreement was terminated. Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited had served as the scheme supervisors and, prior to that, the joint provisional liquidators since July 15, 2020.