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Goldman looks to tap private credit markets for Beyond Meat cash

Goldman Sachs Group is looking to tap the private credit markets to raise around $250m in capital to improve liquidity at plant-based meat substitute producer Beyond Meat, according to a report by Bloomberg.

The report cites unnamed sources with knowledge of the matter as confirming that the senior secured debt would be used for general corporate purposes, but also for a potential discounted repurchase of some of Beyond Meat’s $1.15bn convertible bond.

According to data compiled by Bloomberg, the Los Angeles-based company’s shares are currently trading at just 3% of the high seen following the company’s 2019 IPO, while the company’s convertible bond is trading at 25 cents on the dollar.

Beyond Meat’s liquidity problems also saw it announce an 8% cut to its workforce in November last year.

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