B&G Foods, Inc.

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.

B&G Foods announced the pricing of an offering of $475.0 million in 11.00% senior notes due 2031, issued at 97.67% of par. The company expects to receive approximately $456.3 million in net proceeds, which will be used to redeem its outstanding 5.25% senior notes due 2027. The offering, which is exempt from registration under the Securities Act, is expected to close on June 10, 2026, and is guaranteed by certain domestic subsidiaries.

B&G Foods announced its intention to offer $475.0 million aggregate principal amount of senior notes due 2031. The company plans to use the net proceeds, along with cash on hand and borrowings under its revolving credit facility, to redeem all $509.3 million of its outstanding 5.25% senior notes due 2027 and cover related fees and expenses. This refinancing effort is part of a broader strategy to reduce long-term debt, complemented by a recent 50% reduction in its common stock dividend rate, expected to save $30.8 million annually.

B&G Foods reported a significant net loss of $(32.5) million for the first quarter of 2026, primarily driven by a pre-tax loss of $36.2 million from the divestiture of its Green Giant U.S. frozen business for $61.5 million. Net sales also declined to $408.9 million from $425.4 million year-over-year. During the quarter, the company completed the acquisition of the College Inn and Kitchen Basics brands for $109.7 million.

B&G Foods announced its first quarter 2026 financial results, reporting a net loss of $32.5 million and diluted EPS of $(0.41). Net sales decreased 3.9% to $408.9 million, although base business net sales grew 2.8%. The company also reduced its annual common stock dividend from $0.76 to $0.38 per share, effective July 30, 2026. This quarter included the partial impact of the College Inn and Kitchen Basics acquisition and the Green Giant U.S. frozen divestiture, as the company reshapes its portfolio.

B&G Foods announced the departure of two Executive Vice Presidents. Ellen M. Schum, EVP and President of Specialty and Interim President of Meals, mutually agreed to separate, receiving a severance package including $492,272 in salary continuation. Andrew D. Vogel, EVP and President of Spices & Flavor Solutions, also departed, with B&G Foods considering it a voluntary resignation and disputing his claim of termination without cause and entitlement to severance. President and CEO Kenneth C. Keller will assume interim oversight of the Specialty, Meals, and Spices & Flavor Solutions business units.