Luckin Coffee redeems all $109.9 million 9% series B secured notes

By Mary-Katherine Stinson

Lexington, Ky., Aug. 26 – Luckin Coffee Inc. announced the full redemption of its $109.9 million 9% series B senior secured notes due 2027, according to a 6-K filing with the Securities and Exchange Commission.

The total redemption price was $110.6 million including accrued interest.

The redemption is being funded from Luckin’s available offshore cash balance.

With the full redemption, the role of the scheme supervisors under the previously announced restructuring support agreement was terminated. Alexander Lawson and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Ltd. had served as the scheme supervisors and, prior to that, the joint provisional liquidators since July 15, 2020.

The redemption was funded by cash and the company stated the purpose was to further optimize the company’s capital structure.

The coffee chain is based in Beijing.

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