Beyond Meat, Inc. (NASDAQ: BYND) shares Plunged to begin the day and the week. The company, a leader in plant-based meat, today announced that it has commenced an exchange offer to exchange any and all of its 0% Convertible Senior Notes due 2027 for a pro rata portion of (i) up to $202.5 million in aggregate principal amount of its new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and (ii) up to 326,190,370 shares of its common stock.
Beyond Meat CEO Ethan Brown commented, “As we continue our business transformation, we have simultaneously worked to strengthen our balance sheet and are today pleased to announce that we are launching an Exchange Offer for our Existing Convertible Notes. The Exchange Offer is intended to significantly reduce leverage and extend maturity, two outcomes that meaningfully support our long-term vision of being the global plant protein company.”
Simultaneously with the Exchange Offer, the El Segundo, Calif.-based company is soliciting consents from holders of the Existing Convertible Notes to adopt certain proposed amendments to the indenture governing the Existing Convertible Notes. The Proposed Amendments would eliminate substantially all of the restrictive covenants in the Existing Convertible Notes Indenture as well as certain events of default and related provisions applicable to the Existing Convertible Notes.
BYND shares dropped $1.25, or 44.4% to $1.58.
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