B&G Foods prices notes; to raise $339.2 million

by Eric Schroeder
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PARSIPPANY, N.J. — B&G Foods, Inc., a manufacturer and distributor of shelf-stable foods such as hot cereals, fruit spreads, canned meats and beans, and spices, has priced its $350 million aggregate principal amount of senior notes due 2018 at a price of 99.271% of their face value.

As a result, the company said net proceeds from the offering will be approximately $339.2 million after deducting underwriting discounts, commissions and other fees and expenses related to the offering. B&G Foods said it plans to use the proceeds of the offering to purchase all $69.5 million principal amount of its existing 12% senior subordinated notes due 2016 and all $240 million principal amount of its existing 8% senior notes due 2011. The company also said it intends to pay related premiums, fees and expenses. Any remaining net proceeds will be used for general corporate purposes, B&G Foods said.

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