BYND - Beyond Meat: 2027 Note Maturity Appears To Be A Massive Challenge
2024-06-11 23:11:58 ET
Summary
- Beyond Meat's 2024 net revenues may be down -29% from its 2021 peak.
- It has also struggled with negative gross profit margins, although that has been improving.
- Beyond Meat's $1.15 billion convertible notes due 2027 is trading at 22 cents on the dollar.
- There doesn't appear to be a path to deal with that note maturity other than giving control of the company to noteholders.
- However, there is also no real hurry for Beyond Meat to restructure due to its limited obligations before 2027.
I looked at Beyond Meat ( BYND ) around five years ago and noted that it was greatly overvalued, even if things went well for it in terms of rapid revenue growth....
Beyond Meat: 2027 Note Maturity Appears To Be A Massive Challenge