B&G Foods Declares Regular Quarterly Dividend
August 06 2009 - 4:01PM
Business Wire
B&G Foods, Inc. (NYSE: BGS, BGF), a manufacturer and
distributor of high quality, shelf-stable foods, announced today
that its Board of Directors has declared a regular quarterly cash
dividend of $0.17 per share of Class A common stock, payable on
October 30, 2009 to holders of record as of September 30, 2009.
Cash payments to holders of the Company’s Enhanced Income
Securities (EISs), which will include the quarterly cash dividend
payment of $0.17 per share on the underlying Class A common stock
and an interest payment of $0.2145 per EIS on the underlying
12% senior subordinated notes to holders of record as of
September 30, 2009, will aggregate $0.3845 per EIS.
Expansion of Stock and Debt Repurchase Program
The Company’s Board of Directors also expanded the authorization
under the Company’s stock and debt repurchase program to include
repurchases of the Company’s senior subordinated notes. Such
repurchases are now permitted under the terms of the Company’s
senior secured credit facility as a result of the amendment to the
credit facility completed and announced yesterday. The terms of the
expanded program permit B&G Foods to repurchase for cash up to
an aggregate of $25.0 million of the Company’s Class A common
stock, 8% senior notes and/or the senior subordinated notes
through August 5, 2010. Since the program’s inception in October
2008, the Company has repurchased for cash 763,931 shares of Class
A common stock at an aggregate price of $3.5 million.
Under the expanded authorization, the Company may purchase
shares of Class A common stock, senior notes and/or senior
subordinated notes from time to time in the open market or in
privately negotiated transactions in compliance with the applicable
rules and regulations of the Securities and Exchange Commission.
The timing and amount of such repurchases, if any, will be at the
discretion of management, and will depend on prevailing market
conditions, liquidity requirements, contractual restrictions and
other factors. Therefore, there can be no assurance as to the
number of shares that will be repurchased under the stock and debt
repurchase program, or the aggregate dollar amount of the shares or
principal amount of senior notes or senior subordinated notes, if
any, repurchased. The Company may suspend or discontinue the
program at any time without prior notice. Any shares repurchased
pursuant to the program will be retired. Likewise, any senior notes
or senior subordinated notes repurchased will be cancelled.
In addition, now that such actions are permitted under the
credit facility, B&G Foods may also from time to time, seek to
retire senior subordinated notes outside of the stock and debt
repurchase program through exchanges of EISs or separate senior
subordinated notes for equity securities, in open market purchases,
privately negotiated transactions or otherwise. Likewise, the
Company may, from time to time, seek to retire senior notes
pursuant to the stock and debt repurchase program through cash
repurchases of senior notes and/or outside of the stock and debt
repurchase program through exchanges of senior 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 Class A common stock, senior notes
and/or 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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