B&G Foods plans $475 million senior notes offering to refinance debt

B&G Foods Inc. (NYSE: BGS) announced plans to offer $475 million in senior notes due 2031 through a private placement, subject to market conditions.

The Parsippany, New Jersey-based food company intends to use proceeds from the offering, along with cash and credit facility borrowings, to redeem all $509.3 million of its outstanding 5.25% senior notes due 2027 and cover related fees and expenses.

The senior notes will be guaranteed by certain domestic subsidiaries on a senior unsecured basis. The offering will be conducted under an exemption from Securities Act registration requirements, targeting qualified institutional buyers under Rule 144A and certain non-U.S. investors under Regulation S.

B&G Foods stated there are no assurances the offering will be completed as described or at all. The company noted the announcement does not constitute a redemption notice for the existing 2027 notes.

B&G Foods manufactures and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. The company's portfolio includes more than 50 brands such as Green Giant, Crisco, Cream of Wheat, and Ortega.

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