As of 5:00 p.m., New York City time, on October 10, 2025 (the "Early Tender Date"), based on information provided by MacKenzie Partners, Inc., which is acting as the exchange agent and information agent for the Exchange Offer (the "Exchange Agent"), $1,114,603,000 in aggregate principal amount of Existing Convertible Notes was validly tendered in the Exchange Offer and not validly withdrawn (such notes, the "Tendered Notes") and related consents to the Proposed Amendments (as defined below) were validly delivered and not validly withdrawn as of such time. It was a condition to the Exchange Offer that a minimum of 85% of the aggregate principal amount of Existing Convertible Notes shall have been validly tendered (and, if applicable, not validly withdrawn). The Tendered Notes represent 96.92% of the aggregate outstanding principal amount of Existing Convertible Notes. As a result, the Company also announced that it will consummate the early settlement with respect to the Tendered Notes (the "Early Settlement"), which is expected to occur on October 15, 2025 (the "Early Settlement Date"), the second business day immediately following the Early Tender Date.
Beyond Meat President and CEO Ethan Brown commented, "We are pleased to announce this Early Settlement of the Exchange Offer for our Existing Convertible Notes, which marks a meaningful next step towards our goal of reducing leverage and extending debt maturity for Beyond Meat."
The following table describes the early tender results at 5:00 p.m., New York City time, on October 10, 2025 (which is the Early Tender Date of the Exchange Offer and the Consent Solicitation, as defined below) as well as the Offered Securities expected to be issued at the Early Settlement:
Title
Aggregate Principal Amountof Existing Convertible NotesTendered and Accepted
Percentage of ExistingConvertible NotesTendered andAccepted
Aggregate PrincipalAmount of NewConvertible NotesExpectedto be Issued(1)
Number of NewShares Expectedto be Issued
0% Convertible Senior Notes due 2027
$
1,114,603,000
96.92%
$
196,217,000
316,150,176
(1) Does not include the SteerCo Premium as defined and described below.
In addition, the Company agreed in the transaction support agreement (the "Transaction Support Agreement"), dated September 29, 2025, among the Company and certain beneficial owners or nominees, investment managers or advisors for beneficial holders of the Existing Convertible Notes (the "Supporting Noteholders") who held approximately 47% of the aggregate principal amount of the Existing Convertible Notes as of the effective date of the Transaction Support Agreement, to pay or cause ...
