B&G Foods Announces Completion of Credit Agreement Refinancing
June 05 2014 - 4:24PM
Business Wire
B&G Foods, Inc. (NYSE:BGS) announced today that it has
completed a refinancing of its senior secured credit facility by
terminating the facility and replacing it with a new senior secured
credit facility, consisting of $300 million of tranche A term loans
and a $500 million revolving credit facility. The proceeds of the
new tranche A term loans and $46 million of initial borrowings
under the new revolving credit facility were used by B&G Foods
to repay $122 million of tranche A term loans and $215 million of
revolving credit loans under the existing credit agreement, and to
pay transaction fees and expenses. Any future borrowings under the
new revolving credit facility will be used for general corporate
purposes. The new credit facility matures on June 5, 2019.
The credit agreement refinancing lowers B&G Foods’ cost of
debt and provides greater flexibility in its capital structure. The
new credit facility reduces the interest rate payable on the
tranche A term loans and revolving loans by 100 basis points and
increases the revolving credit commitments from $300 million to
$500 million. Immediately following the completion of the
refinancing, B&G Foods has $346 million of borrowings
outstanding under the new credit facility and the available
borrowing capacity under the new revolving credit facility, net of
outstanding letters of credit, is approximately $454 million.
This press release is for informational purposes only and does
not constitute an offer to sell or a solicitation of an offer to
buy securities, nor shall there be any sale of securities in any
state or jurisdiction in which the offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and
distribute a diversified portfolio of high-quality, branded
shelf-stable foods across the United States, Canada and Puerto
Rico. Based in Parsippany, New Jersey, B&G Foods’
products are marketed under many recognized brands, including
Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country
Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice,
Cream of Wheat, Devonsheer, Don Pepino, Emeril’s,
Grandma’s Molasses, JJ Flats, Joan of Arc,
Las Palmas, MacDonald’s, Maple Grove Farms, Molly
McButter, Mrs. Dash, New York Flatbreads,
New York Style, Old London, Original Tings, Ortega,
Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards,
Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin,
Trappey’s, TrueNorth, Underwood, Vermont Maid and Wright’s.
B&G Foods also sells and distributes two branded household
products, Static Guard and Kleen Guard.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of B&G Foods to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “projects,” “intends,” “anticipates” or “plans” to be
uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in
B&G Foods’ filings with the Securities and Exchange
Commission, including under Item 1A, “Risk Factors” in the
Company’s Annual Report on Form 10-K for fiscal 2013 filed on
February 26, 2014. B&G Foods undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
ICR, Inc.Investor Relations:Don Duffy, 866-211-8151orMedia
Relations:Matt Lindberg, 203-682-8214
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