Overview

• The company is asking holders of $1.15 billion in 0% convertible notes due 2027 to exchange into up to $202.5 million of new 7.00% convertible senior secured second-lien PIK toggle notes due 2030 and up to 326 million common shares.
• Management says the transaction is intended to cut more than $800 million of debt and extend maturities, with CEO Ethan Brown framing it as support for the company’s long-term vision.
• About 47% of the 2027 noteholders have agreed to participate so far, and the exchange remains contingent on reaching the 85% minimum by the October 28 deadline.
• The stock sank to an all-time low on the announcement, falling as much as to $1.23 intraday and last down about 32% in Reuters’ afternoon readout, leaving shares roughly 50% lower year to date.
• Beyond Meat also launched a consent solicitation to strip most restrictive covenants and certain default provisions from the existing notes, as analysts maintain largely negative views given ongoing demand weakness.