Beyond Meat’s $1 Billion Convertible Senior Notes Offering

Beyond Meat's $1 Billion Convertible Senior Notes Offering
Paul Hastings LLP advised JP Morgan, Goldman Sachs, Credit Suisse, and Jefferies on the deal. Latham & Watkins LLP represented Beyond Meat in the offering.JP Morgan, Goldman Sachs, Credit Suisse, and Jefferies acted as initial purchasers for Beyond Meat’s upsized $1 billion convertible senior notes offering and the capped call banks in the related capped call transactions.

The $1,000,000,000 aggregate principal amount of 0% convertible senior notes due 2027 will be used for general corporate purposes and working capital. The offering size was increased from the previously announced offering size of US$750 million aggregate principal amount of notes. In connection with the pricing of the notes, Beyond Meat entered into privately negotiated capped call transactions with financial institutions. The issuance and sale of the notes are scheduled to settle on March 5, 2021. Beyond Meat also granted the initial purchasers of the notes an option to purchase up to an additional US$150 million principal amount of notes, which must be exercised within 13 days of initial issuance.

A multi-disciplinary Paul Hastings team served as disclosure, product and derivatives counsel for the initial purchasers and the capped call banks, with a team led by partners Christopher Austin (Picture), Joyce Xu, Doug Getten, and Joseph Opich, and including of counsel Diona Park; and associates Shai Marshall, Bianca Lazar, Matthew Smith, and Brendan Counihan; and law clerk Matthew Schob.

Latham & Watkins LLP represented Beyond Meat in the offering with a corporate team led by partners Cathy Birkeland, Greg Rodgers, Arash Aminian Baghai, and Alexa Berlin, with associates Greer Gaddie, Ryan Gold, Sara Mykrantz, and Ben Winnett. Advice was also provided on equity derivatives matters by New York partner Catherine Lee, with associates Christopher Yu and Kate Kim; and on tax matters by New York partners Elena Romanova and Bora Bozkurt, with associate Michael Syku.

Involved fees earner: Arash Aminian Baghai – Latham & Watkins; Alexa Berlin – Latham & Watkins; Cathy Birkeland – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Greer Gaddie – Latham & Watkins; Ryan Gold – Latham & Watkins; Katherine Kim – Latham & Watkins; Catherine Lee – Latham & Watkins; Sara Mykrantz – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Elena Romanova – Latham & Watkins; Michael Syku – Latham & Watkins; Ben Winnett – Latham & Watkins; Christopher Yu – Latham & Watkins; Christopher Austin – Paul Hastings; Brendan Counihan – Paul Hastings; Doug Getten – Paul Hastings; Joseph Opich – Paul Hastings; Diona Park – Paul Hastings; Matthew Smith – Paul Hastings; Joyce Sophia Xu – Paul Hastings;

Law Firms: Latham & Watkins; Paul Hastings;

Clients: Beyond Meat, Inc. ; Credit Suisse; Goldman Sachs & Co.; Jefferies; JP Morgan;

Author: Martina Bellini