B&G Foods prices public stock offering
May 23, 2007
by FoodBusinessNews.net Staff
PARSIPPANY, N.J. — B&G Foods Inc. priced its initial public offering of 13.9 million shares of Class A common stock as a separately traded security at $13 per share.
The separate trading is expected to begin May 24 on the New York Stock Exchange with the trading symbol "BGS." The offering is anticipated to close on or about May 29.
The stock will trade separately from B&G Foods’ enhanced income securities, and each of these represent one share of Class A Common Stock and $7.15 principal amount of 12% senior subordinated notes due 2016. These are traded on the American Stock Exchange under "BGF."
According to B&G Foods, the net proceeds from the offering will be $169.4 million, but the figure could go as high as $194.8 million if underwriters use their option to purchase additional shares. The company expects to use the proceeds to repurchase outstanding shares of Class B common stock, to repay a portion of its term loan borrowings under its senior secured credit facility, to cover costs related to the offering and for general corporate purposes.