B&G Foods announced the completion of its previously disclosed private offering of $475 million aggregate principal amount of 11.00% senior notes due 2031. The transaction was completed through an offering exempt from registration under the Securities Act of 1933.
The senior notes are guaranteed on a senior unsecured basis by certain domestic subsidiaries of the company.
B&G Foods said it intends to use the net proceeds from the offering, along with borrowings under its revolving credit facility and cash on hand, to redeem all $509.3 million aggregate principal amount of its outstanding 5.25% senior notes due 2027 and to pay related fees and expenses.
The notes were offered to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. investors pursuant to Regulation S. The securities and related guarantees have not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States without registration or an applicable exemption.
Based in Parsippany, New Jersey, B&G Foods manufactures, sells, and distributes branded shelf-stable and frozen foods across the United States, Canada, and Puerto Rico. Its portfolio includes more than 50 brands, including B&G, B&M, Bear Creek, College Inn, Cream of Wheat, Crisco, Dash, Green Giant, Kitchen Basics, Las Palmas, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands, and Victoria.
The company noted that statements regarding the intended use of proceeds and the redemption of its 2027 notes are forward-looking and subject to various risks and uncertainties.
