Loan & DebtJun 10, 2026, 04:13 PM
B&G Foods Closes $475M Senior Notes Offering at 11.00% to Refinance Debt
AI Summary
B&G Foods, Inc. announced the closing of its private offering of $475.0 million aggregate principal amount of 11.00% senior notes due 2031. The company intends to use the net proceeds from this offering, along with borrowings under its revolving credit facility and cash on hand, to redeem all $509.3 million of its outstanding 5.25% senior notes due 2027. This refinancing extends the maturity of a significant portion of its debt, albeit at a higher interest rate.
Key Highlights
- B&G Foods closed a private offering of $475.0 million aggregate principal amount of 11.00% senior notes due 2031.
- The new senior notes were issued at a price of 97.67% of their face value.
- Net proceeds, plus other funds, will redeem all $509.3 million of outstanding 5.25% senior notes due 2027.
- The 11.00% senior notes mature on June 15, 2031, with interest payable semi-annually.
- The notes are callable at 105.500% (after June 15, 2028), 102.750% (after June 15, 2029), and 100.000% (after June 15, 2030).
- The 11.00% senior notes are unsecured senior obligations, guaranteed by certain domestic subsidiaries.
Price Impact
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