Beyond Meat® Announces New Revolving Credit Facility
April 22 2020 - 4:05PM
Beyond Meat, Inc. (NASDAQ:BYND) (“Beyond Meat” or “the Company”), a
leader in plant-based meat, announced today that it has entered
into a new $150 million five-year secured revolving credit facility
(the “New Credit Facility”) to support its future growth
initiatives. The New Credit Facility also includes an accordion
feature for up to an additional $200 million.
“Our current cash and liquidity position is strong, and we are
pleased to complete this New Credit Facility on terms that will
provide Beyond Meat with a greater amount of financial flexibility
and better position the Company for long-term success,” said Mark
Nelson, Beyond Meat’s Chief Financial Officer and Treasurer. “We
appreciate the support of our lenders as this transaction lowers
our cost of capital, is expected to support our future global
growth initiatives and enables greater strategic flexibility. We
remain committed to providing consumers around the world with
great-tasting plant-based meats, while contributing to important
health, climate, natural resource, and animal welfare goals.”
The New Credit Facility matures on April 21, 2025 and replaces
the Company’s existing secured credit arrangements.
JPMorgan Chase Bank, N.A. and Silicon Valley Bank acted as joint
bookrunners and joint lead arrangers on the transaction.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ:BYND) is one of the fastest growing
food companies in the United States, offering a portfolio of
revolutionary plant-based meats. Founded in 2009, Beyond Meat has a
mission of building meat directly from plants, an innovation that
enables consumers to experience the taste, texture and other
sensory attributes of popular animal-based meat products while
enjoying the nutritional and environmental benefits of eating its
plant-based meat products. Beyond Meat’s brand commitment, Eat What
You Love™, represents a strong belief that by eating its portfolio
of plant-based meats, consumers can enjoy more, not less, of their
favorite meals, and by doing so, help address concerns related to
human health, climate change, resource conservation and animal
welfare. Beyond Meat’s portfolio of fresh and frozen plant-based
proteins are sold at approximately 77,000 retail, restaurant and
foodservice outlets in more than 65 countries worldwide as of
December 31, 2019. Visit www.BeyondMeat.com and follow @BeyondMeat,
#BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter.
Forward-Looking Statements
Certain statements in this release constitute “forward-looking
statements" within the meaning of the federal securities laws.
These statements are based on management's current opinions,
expectations, beliefs, plans, objectives, assumptions or
projections regarding financial performance, prospects, future
events and future results, and involve known and unknown risks that
are difficult to predict. In some cases, you can identify
forward-looking statements by the use of words such as “may,”
“could,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
“believe,” “estimate,” “predict,” “outlook,” “potential,”
“continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar
expressions. These forward-looking statements are only predictions,
not historical fact, and involve certain risks and uncertainties,
as well as assumptions. Forward-looking statements should not be
read as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which or
whether, such performance or results will be achieved. Actual
results, levels of activity, performance, achievements and events
could differ materially from those stated, anticipated or implied
by such forward-looking statements. While Beyond Meat believes that
its assumptions are reasonable, it is very difficult to predict the
impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect actual results. There are
many risks and uncertainties that could cause actual results to
differ materially from forward-looking statements made herein
including, most prominently, the risks discussed in Part I,
Item 1A, “Risk Factors,” included in the Company’s Annual Report on
Form 10-K for the period ended December 31, 2019 filed with the
Securities and Exchange Commission (the “SEC”) on March 19,
2020, as well as other factors described from time to time in the
Company's filings with the SEC. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements set forth
above. Such forward-looking statements are made only as of the date
of this release. Beyond Meat undertakes no obligation to publicly
update or revise any forward-looking statement because of new
information, future events, changes in assumptions or otherwise,
except as otherwise required by law. If we do update one or more
forward-looking statements, no inference should be made that we
will make additional updates with respect to those or other
forward-looking statements.
Contacts
Media:Shira
Zackai917-715-8522szackai@beyondmeat.com
Investors:Katie
Turner646-277-1228Katie.turner@icrinc.com
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