Beyond Meat Obtains 150M USD Credit Facility to Facilitate Global Growth
In what looks like the world’s biggest plant-based overdraft facility, Beyond Meat has obtained $150 million five-year secured revolving credit facility through JPMorgan Chase Bank, and Silicon Valley Bank, to allow a “greater amount of financial flexibility and better position the Company for long-term success.”
The announcement immediately follows this week’s news that Starbucks China will launch Beyond’s products, as well as those of Omnipork and Oatly, onto its lunchtime menu, marking the company’s entrance into Asia’s most populated country.
The $150 million credit facility includes the right to extend by an additional $200 million. Beyond’s Chief Financial Officer and Treasurer Mark Nelson, said: “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.”