(Reuters News) -Shares of Beyond Meat tumbled more than 60% on Monday after the plant-based meat maker announced an early settlement of an exchange offer for convertible bonds as it seeks to reduce debt following years of struggling sales.
Nearly 97% of its bondholders agreed to swap their old debt for new notes and shares, the company said in a filing on Monday. It will issue new debt and stock to settle the deal early, aiming to reduce its financial burden.
Beyond Meat had launched an exchange offer for convertible bonds in September to cut more than $800 million in debt.
According to its latest annual filing, the company had about $1.3 billion in debt, as of December 31, 2024.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar)
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