HANGZHOU, China, Sept. 23,
2022 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST"
or the "Company"), a leading integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia ("SEA"), today announced that it is notifying holders
of its 1.75% Convertible Senior Notes due 2024 (CUSIP Nos.
08653CAB2 & G11056AA9) (the "Notes") that pursuant to the
Indenture dated as of September 17,
2019 (the "Indenture") relating to the Notes by and between
the Company and Citicorp International Limited, as trustee, each
holder has the right, at the option of such holder, to require the
Company to repurchase all of such holder's Notes or any portion
thereof that is an integral multiple of US$1,000 principal amount for cash on
September 30, 2022 (the "Repurchase
Right"). The Repurchase Right expires at 5:00 p.m., New York
City time, on Friday, September 30,
2022.
The Repurchase Right entitles each holder of the Notes to
require the Company to repurchase all of such holder's Notes or any
portion thereof that is an integral multiple of US$1,000 principal amount. The repurchase price
for such Notes will be equal to 100% of the principal amount of the
Notes to be repurchased, plus any accrued and unpaid
interest to, but excluding, September 30,
2022, which is the date specified for repurchase in the
Indenture (the "Repurchase Date"), subject to the terms and
conditions of the Indenture and the Notes. October 1, 2022 is an interest payment date under
the terms of the Indenture and the Notes. Accordingly, on
October 1, 2022, the Company will pay
accrued and unpaid interest on all of the Notes through
September 30, 2022 to all holders who
were holders of record as of 5:00
p.m., New York City time,
on Thursday, September 15, 2022,
regardless of whether the Repurchase Right is exercised with
respect to such Notes. As of August 31,
2022, there was US$105,160,000
in aggregate principal amount of the Notes outstanding. If all
outstanding Notes are surrendered for repurchase through the
exercise of the Repurchase Right, the aggregate cash purchase price
will be US$105,160,000.
The opportunity for holders of the Notes to exercise the
Repurchase Right commences at 9:00
a.m., New York City time,
on Thursday, September 1, 2022, and
will terminate at 5:00 p.m.,
New York City time, on
Wednesday, September 28, 2022. In
order to exercise the Repurchase Right, a holder must follow the
procedures set forth in the Company's Notice of Optional Repurchase
Right to holders (the "Repurchase Right Notice"), which is
available through Citicorp International Limited. Holders may
withdraw any previously surrendered Notes pursuant to the terms of
the Repurchase Right Notice at any time prior to 5:00 p.m., New York
City time, on Wednesday, September
28, 2022, or as otherwise provided by applicable law.
This press release is for information only and is not an offer
to purchase, a solicitation of an offer to purchase or a
solicitation of an offer to sell the Notes or any other securities
of the Company. The Notes may be repurchased only in accordance
with the Company's Repurchase Right Notice and related documents.
None of the Company, its board of directors or its employees has
made or is making any representation or recommendation to any
holder as to whether to exercise or refrain from exercising the
Repurchase Right.
Holders of the Notes should refer to the Indenture for a
complete description of repurchase procedures.
HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ
THE COMPANY'S REPURCHASE RIGHT NOTICE BECAUSE IT CONTAINS IMPORTANT
INFORMATION ABOUT THE REPURCHASE RIGHT.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-added services, including freight delivery, supply chain
management and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please
visit: http://www.best-inc.com/en/.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about BEST's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST's
ability to maintain and enhance its ecosystem; BEST's ability to
compete effectively; BEST's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE BEST Inc.