On October 15, 2025 Beyond Meat finalized a debt‑exchange deal that swapped its 0% convertible senior notes due 2027 for new 7% convertible senior secured second‑lien PIK toggle notes due 2030 and up to 326 million new shares of common stock. The early settlement closed today after the company surpassed the 85% participation threshold, marking the first time the exchange has been fully executed.
The transaction will reduce Beyond Meat’s debt by roughly $800 million and extend the maturity of its obligations to 2030, improving leverage and liquidity. However, the issuance of up to 326 million shares dilutes existing shareholders, with noteholders projected to control about 88% of the company after conversion.
The completion of this deal today underscores the company’s urgent need to stabilize its balance sheet amid ongoing revenue challenges, while also highlighting the trade‑off between debt reduction and shareholder dilution.
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