B&G Foods, Inc. (BGS): debt financing — B&G Foods closes $550M 8% senior secured notes offering to redeem 5.25% notes due 2025

B&G Foods, Inc.

Closed $550M offering of 8.000% senior secured notes due Sept 15, 2028; issued at 99.502% of par.
Net proceeds, with cash on hand, will redeem $555.4M of 5.25% senior notes due 2025.
Notes are senior secured, pari passu with existing credit agreement, and guaranteed by certain domestic subsidiaries.
Credit agreement amended to permit pari passu first lien debt and set available amount for restricted payments at $600M as of Q2 2023.
Interest payable March 15 and Sept 15, starting March 15, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

B&G Foods, Inc. incurred senior notes of $550.0 million aggregate principal amount with The Bank of New York Mellon Trust Company, N.A., as trustee and notes collateral agent at 8.000% maturing September 15, 2028.

Instrument: senior notes
Principal: $550.0 million aggregate principal amount
Counterparty: The Bank of New York Mellon Trust Company, N.A., as trustee and notes collateral agent
Rate: 8.000%
Maturity: September 15, 2028
Event: incurrence

Exact text from the filing

On September 26, 2023, B&G Foods issued a press release announcing the closing of our private offering of $550.0 million aggregate principal amount of 8.000% senior secured notes due 2028

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Source: SEC EDGAR

accession 0001104659-23-103865

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