B&G Foods, Inc. (NYSE: BGS) has announced its intention to offer an additional $100.0 million aggregate principal amount of 8.000% senior secured notes due 2028. This offering is subject to market and other conditions and will be exempt from registration under the Securities Act of 1933, as amended.
The new senior secured notes will be guaranteed on a senior secured basis by certain domestic subsidiaries of B&G Foods and will be secured by a first-priority security interest in certain collateral, with exceptions for real property and certain intangible assets.
The company plans to use the proceeds from the offering to repay a portion of its revolving credit loans under its senior secured credit agreement and pay related fees and expenses.
It's important to note that the new senior secured notes and related guarantees will be offered only to qualified institutional buyers and certain non-U.S. persons in transactions outside of the United States, in reliance on exemptions from registration requirements.
B&G Foods, Inc. is based in Parsippany, New Jersey, and its diverse portfolio of more than 50 brands includes well-known names such as B&M, Cream of Wheat, Crisco, Green Giant, and Victoria.
This announcement comes as B&G Foods continues to navigate the financial markets and make strategic decisions to support its operations and growth. The market has reacted to these announcements by moving the company's shares -0.9% to a price of $7.96. For more information, read the company's full 8-K submission here.
