Beyond Meat completes convertible notes exchange offer

Beyond Meat Inc. (NASDAQ: BYND) completed its exchange offer for convertible notes, with holders tendering $1.12 billion in aggregate principal amount of existing 0% convertible senior notes due 2027.

The company announced that $1.11 billion in notes were tendered by the early deadline of October 10, with an additional $2.7 million tendered by the final expiration on October 28. The tendered notes represent 97.16% of the outstanding convertible notes.

In exchange, Beyond Meat issued $209.2 million in new 7.00% convertible senior secured second lien notes due 2030 and 316.9 million shares of common stock. The exchange includes $12.5 million in new notes as payment to certain holders under a transaction support agreement.

Holders who tendered after the early deadline received $170.80 in new notes and 283.64 shares for each $1,000 in existing notes tendered. Final settlement for the additional notes occurred on October 30.

The company eliminated substantially all restrictive covenants in the original note indenture through a supplemental agreement. Following the exchange, $32.7 million in aggregate principal amount of the original convertible notes remain outstanding.

The exchange offer was available only to qualified institutional buyers and accredited investors holding at least $200,000 in aggregate principal amount of the existing notes. MacKenzie Partners served as exchange agent for the transaction.

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