B&G Foods, Inc. (NYSE: BGS) has announced its intention to amend, extend the maturity date, and upsize its existing tranche B term facility under its senior secured credit facility. The company plans to use the proceeds of the tranche B term loans to refinance the existing tranche B term loans and repay a portion of B&G Foods’ existing revolving loans.
In addition to the proposed credit agreement refinancing, B&G Foods also plans to decrease the size of the revolver capacity and extend the maturity date of its existing revolving credit facility. The consummation of the refinancing is subject to completion of definitive agreements as well as customary closing conditions, and is subject to market conditions.
As of the date of the press release, there can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.
B&G Foods, Inc., based in Parsippany, New Jersey, is a company that manufactures, sells, and distributes high-quality, branded shelf-stable and frozen foods across the United States, Canada, and Puerto Rico. The company has a diverse portfolio of more than 50 brands, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands, and Victoria. Following these announcements, the company's shares moved 0.5%, and are now trading at a price of $8.38. Check out the company's full 8-K submission here.
