Beyond Meat Inc. (BYND) commenced an exchange offer to swap its $1.15 billion of 0% Convertible Senior Notes due 2027 for new convertible notes and common stock, according to a company statement.

The plant-based meat company will offer up to $202.5 million in new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and up to 326.19 million shares of common stock in exchange for the existing notes. Holders representing approximately 47% of the existing notes have agreed to support the transaction.

The exchange requires participation from holders of at least 85% of the existing notes to proceed. Early participants who tender by October 10, 2025, will receive $176.09 in new notes and 283.64 shares per $1,000 of existing notes. Those tendering after the early deadline but before October 28, 2025, will receive $170.80 in new notes and the same number of shares.

The new notes will mature five years from issuance and bear interest at 7.00% annually, with an option for the company to pay interest in shares or accrue it at 9.50% annually. The notes will be secured second lien obligations initially convertible at a rate of up to 1,029.27 shares per $1,000 principal amount, subject to certain conditions and stockholder approval.

Conversion of the new notes will be restricted until the earlier of the first stockholder meeting seeking approval for share issuance or 61 days after settlement. Before stockholder approval, the company can only settle conversions in cash.