Beyond Meat launches exchange offer for 0% notes, offers 7% PIK notes and equity; seeks 85% participation

BEYOND MEAT, INC.

Exchanging up to $1.15B 0% convertible notes due 2027 for 7.00% convertible PIK toggle notes due 2030 and common stock.
Early tender: per $1,000 principal, receive $176.0870 new notes + 283.6438 shares; late tender: $170.8044 + same shares.
Condition: minimum 85% participation; holders of ~47% of notes support via Transaction Support Agreement.
Company to appoint Alexandre Zyngier and Ray Wallander as directors; stockholder votes on increasing authorized shares to 3B and reverse split.
Estimated fees ~$39 million; new notes secured second lien, subordinated to first-lien loan, optional PIK at 9.50%.

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