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B&G Foods Announces Completion of Credit Agreement Refinancing

June 06, 2014, 06:49 AM

B&G Foods, Inc. announced it has completed a refinancing of its senior secured credit facility by terminating the facility and replacing it with a new senior secured credit facility, consisting of $300 million of tranche A term loans and a $500 million revolving credit facility. The proceeds of the new tranche A term loans and $46 million of initial borrowings under the new revolving credit facility were used by B&G Foods to repay $122 million of tranche A term loans and $215 million of revolving credit loans under the existing credit agreement, and to pay transaction fees and expenses. Any future borrowings under the new revolving credit facility will be used for general corporate purposes. The new credit facility matures on June 5, 2019.

The credit agreement refinancing lowers B&G Foods’ cost of debt and provides greater flexibility in its capital structure. The new credit facility reduces the interest rate payable on the tranche A term loans and revolving loans by 100 basis points and increases the revolving credit commitments from $300 million to $500 million. Immediately following the completion of the refinancing, B&G Foods has $346 million of borrowings outstanding under the new credit facility and the available borrowing capacity under the new revolving credit facility, net of outstanding letters of credit, is approximately $454 million.

B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, branded shelf-stable foods across the United States, Canada and Puerto Rico.

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