B&G Foods Announces Credit Agreement Amendment
August 05 2009 - 6:17PM
Business Wire
B&G Foods, Inc. (NYSE:BGS) (NYSE:BGF), a manufacturer and
distributor of high quality, shelf-stable foods, announced today
that effective August 5, 2009, it has completed an amendment to its
senior secured credit facility. In connection with the amendment,
Credit Suisse has been appointed as administrative agent under
the credit facility to replace Lehman Commercial Paper, Inc. In
addition, the amendment permits the Company to do one or more of
the following:
- make or offer to make any
optional or voluntary payment, prepayment, repurchase or redemption
of the Company’s 12% senior subordinated notes due 2016 for cash,
subject to the restricted payments test set forth in the Company’s
senior notes indenture;
- make or offer to make any
optional or voluntary payment, prepayment, repurchase or redemption
of the senior subordinated notes in exchange for Class A common
stock; and
- refinance the senior
subordinated notes with senior unsecured indebtedness provided the
Company’s consolidated leverage ratio is less than or equal to 4.5
to 1.0 after giving effect to the refinancing.
The amendment also extends the maturity date for the Company’s
existing undrawn $25.0 million revolving credit facility from
January 10, 2011 to February 26, 2013 so that it will have the same
maturity date as the Company’s existing $130.0 million term loan
facility.
Now that such actions are permitted under the credit facility,
B&G Foods may from time to time seek to retire senior
subordinated notes through cash repurchases of EISs or separate
senior subordinated notes and/or through exchanges of EISs or
separate senior subordinated notes for equity securities, in open
market purchases, privately negotiated transactions or otherwise.
Any such repurchases or exchanges and the timing and amount
thereof, will depend on prevailing market conditions, liquidity
requirements, contractual restrictions and other factors. The
amounts involved may be material.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and
distribute a diversified portfolio of high-quality, shelf-stable
foods across the United States, Canada and Puerto Rico. B&G
Foods’ products include hot cereals, fruit spreads, canned
meats and beans, spices, seasonings, marinades, hot sauces, wine
vinegar, maple syrup, molasses, salad dressings, Mexican-style
sauces, taco shells and kits, salsas, pickles, peppers and other
specialty food products. B&G Foods competes in the retail
grocery, food service, specialty, private label, club and mass
merchandiser channels of distribution. Based in Parsippany, New
Jersey, B&G Foods’ products are marketed under many recognized
brands, including Ac’cent, B&G, B&M, Brer Rabbit, Cream of
Rice, Cream of Wheat, Emeril’s, Grandma’s Molasses, Joan of
Arc, Las Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red
Devil, Regina, Sa-són, Trappey’s, Underwood, Vermont Maid and
Wright’s.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include without limitation statements related to possible
repurchases or exchanges of senior subordinated notes. 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,” “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
2008 filed on March 5, 2009. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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