B&G Foods to repay $500.1 million tranche B term loans via asset sale

By Marisa Wong

Morgantown, W.Va., Oct. 17 – B&G Foods, Inc. said it intends to repay the entire $500.1 million principal amount of tranche B term loans outstanding under its credit facility using proceeds from an asset sale.

B&G Foods will also use additional borrowings under its revolving credit facility to repay the tranche B term loans, according to a press release.

The company announced on Wednesday that it completed the sale of its Pirate Brands business to Amplify Snack Brands, Inc., a subsidiary of the Hershey Co., for about $420 million in cash.

Based in Parsippany, N.J., B&G Foods manufactures, sells and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico.

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