Matthews South

Matthews South

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by | March 27, 2021 |

Our Clients

March 2, 2021
$1 billion Convertible Notes
Size: $1 billion with 15% Greenshoe
Offering Type: 144A
Execution Structure: 1 Day Marketed
Maturity: 6 Years
Structure: Provisionally Callable in 3 Years with Make-Whole
Coupon: 0.0%
Premium: 47.5%
Effective Premium: 100% with Capped Call
Matthews South Role: Financial Advisor
Active Bookrunners: JPMorgan / Goldman Sachs / Credit Suisse

$1bn Zero Coupon Convertible

Complete Process and Execution Management

  • We helped the company evaluate alternatives, structure the transaction, and draft the documentation prior to any involvement from the banks
  • Helped formulate syndicate strategy to achieve company’s objectives around execution success, acknowledgement of value delivered, and transaction costs

Trusted Advisor

  • Matthews South presented to the company’s Board of Directors twice on the transaction rationale and structuring recommendations

Day of Marketing

  • Matthews South advised the company throughout the day of execution to help ensure that the security was priced optimally
  • Our call spread auction achieved efficient pricing terms, and resulted in an effective pre-tax interest rate of 1.3% and zero dilution until the stock price doubled
  • Beyond Meat achieved:
    • Upsized $1bn convertible (increased 33% from launch size) at record terms despite a volatile backdrop
    • Highest conversion premium achieved in the consumer sector since 2007

Contact Us

To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






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