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B&G Foods begins tender offer, consent bid for 7 5/8% notes due 2018
By Susanna Moon
Chicago, May 20 - B&G Foods, Inc. said it began a cash tender offer and consent solicitation for its $248.5 million of outstanding 7 5/8% senior notes due 2018.
The total purchase price will be $1,080.90 for each $1,000 principal amount of notes tendered by 5 p.m. ET on June 3, the consent date.
The total purchase price includes a consent payment of $30 for each $1,000 principal amount.
Those who tender their notes after the consent date will receive $1,050.90 per $1,000 of notes.
The company also will receive accrued interest.
The tender offer will end at 11:59 p.m. ET on June 17.
Tendered notes may be withdrawn by 5 p.m. ET on June 3.
Holders may not tender their notes without delivering their consents, and holders may not deliver their consents without tendering their notes.
In connection with the tender offer, B&G Foods also is soliciting consents to amend the notes to eliminate substantially all of the material restrictive covenants and events of default, according to a company press release.
The completion of the tender offer is conditioned upon B&G Foods receiving enough proceeds from its proposed senior notes offering to fund the offer, the tenders for a majority of the principal amount of notes outstanding by the consent date and the execution of a supplemental indenture implementing the proposed amendments.
Credit Suisse Securities (USA), LLC (800 820-1653 or collect 212 325-2476) is the dealer manager and solicitation agent. Requests for copies of the tender offer documents may be directed to D. F. King & Co., Inc. at 800 859-8511 or collect 212 269-5550.
B&G Foods is a packaged foods company based in Parsippany, N.J.
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