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.
