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
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