Beyond Meat talks $750 million six-year convertible notes to yield 0%, up 47.5%-52.5%

By Abigail W. Adams

Portland, Me., March 1 – Beyond Meat Inc. plans to price $750 million of six-year convertible notes after the market close on Tuesday with price talk for a fixed coupon of 0% and an initial conversion premium of 47.5% to 52.5%, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $112.5 million.

The notes are non-callable until March 20, 2024 and then subject to a 130% hurdle.

There is dividend and takeover protection.

In connection with the offering, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes.

Beyond Meat is an El Segundo, Calif.-based plant-based food company.

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