Beyond Meat announced it is in private discussions with certain holders of its 2030 convertible notes to amend the governing indenture. The proposed changes are intended to provide the company with greater flexibility to manage its 0% Convertible Senior Notes due 2027.
Key Details
- Proposed Amendment: The company seeks to remove restrictions on its ability to repurchase or exchange its outstanding 0% Convertible Senior Notes due 2027 for cash or equity.
- Affected Securities: The discussions involve holders of the 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030.
- Additional Term Change: The amendment would also extend the make-whole period for the 2030 Notes from October 15, 2028, to January 15, 2029.
- Contingency: The amendments require consent from holders representing a majority of the 2030 Notes' outstanding principal amount, and there is no assurance that consent will be obtained.