The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date.īeyond Meat estimates that the net proceeds from the offering will be approximately $979.4 million (or approximately $1,126.4 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, noteholders may require Beyond Meat to repurchase their notes for cash.
The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date. The notes will be redeemable, in whole or in part, for cash at Beyond Meat’s option at any time, and from time to time, on or after Maand on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Beyond Meat’s common stock exceeds 130% of the conversion price for a specified period of time. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The initial conversion price represents a premium of approximately 47.5% over the last reported sale price of $139.66 per share of Beyond Meat’s common stock on March 2, 2021. The initial conversion rate is 4.8544 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $206.00 per share of common stock. However, upon conversion of any notes, the conversion value, which will be determined over a period of multiple trading days, will be paid in cash up to at least the principal amount of the notes being converted.
Beyond Meat will have the right to elect to settle conversions either in cash or in a combination of cash and shares of its common stock. From and after December 15, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Before December 15, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. The notes will mature on March 15, 2027, unless earlier repurchased, redeemed or converted. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The notes will be senior, unsecured obligations of Beyond Meat. Beyond Meat also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $150,000,000 principal amount of notes. The issuance and sale of the notes are scheduled to settle on March 5, 2021, subject to customary closing conditions. The offering size was increased from the previously announced offering size of $750,000,000 aggregate principal amount of notes. (NASDAQ: BYND) (“Beyond Meat”) today announced the pricing of its offering of $1,000,000,000 aggregate principal amount of 0% convertible senior notes due 2027 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). While grocery sales surged during pandemic lockdowns in 2020, demand has since declined, while food service orders are yet to fully rebound despite restaurants opening up again.EL SEGUNDO, Calif., Ma(GLOBE NEWSWIRE) - Beyond Meat, Inc. Investors were already nervous about Beyond Meat’s third-quarter earnings as early as August, when the company initially forecast revenue of between $120 million and $140 million. Former CFO Mark Nelson retired in May, while COO Sanjay Shah stepped down in early September, less than two years after joining.
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Recent executive departures at Beyond also “raise questions” about the company’s management, says Lemonides. “It’s hard to see how that can be corrected anytime soon and the company is going to have challenges for the foreseeable future.” What To Watch For: “If your business is dropping by that much in sales and you’re spending more money, something is really wrong,” Lemonides argues. The company also has virtually no margin because it sells products at a loss in a bid to secure shelf space and establish brand recognition, Lemonides says, arguing that “Beyond doesn’t have any kind of competitive advantage.” Crucial Quote:
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