B&G Foods closes $475 million debt offering to refinance existing notes

B&G Foods Inc. (NYSE: BGS) completed a $475 million private offering of 11.00% senior notes due 2031, the company announced. The notes are guaranteed by certain domestic subsidiaries of the food manufacturer.

The company plans to use proceeds from the offering, along with borrowings from its revolving credit facility and cash on hand, to redeem all $509.3 million of its outstanding 5.25% senior notes due 2027 and pay related fees and expenses.

The senior notes were offered only to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S, both exemptions from Securities Act registration requirements. The notes have not been registered under the Securities Act or state securities laws.

B&G Foods, based in Parsippany, New Jersey, manufactures and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. The company's portfolio includes more than 50 brands such as Green Giant, Crisco, Cream of Wheat and Ortega.

The transaction represents a debt refinancing that increases the company's borrowing costs, with the new notes carrying an 11.00% interest rate compared to the 5.25% rate on the notes being redeemed.

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