B&G Foods boosts stock, debt repurchase program for 8% notes to up to $25 million

By Jennifer Chiou

New York, May 6 - B&G Foods, Inc. announced that its board approved an increase for the company's previously authorized program to repurchase class A common stock and 8% senior notes to up to $25 million from $10 million.

The increase allows for repurchases through May 3, 2010.

B&G Foods has $240 million of the notes outstanding.

On Oct. 30, 2008, the company said its board authorized it to repurchase up to $10 million of the notes or class A stock over a year. Since then, the company has repurchased 763,931 class A shares at an aggregate price of $3.5 million.

Under the authorization, the company may purchase the notes or shares from time to time in the open market or in privately negotiated transactions. Any securities repurchased will be canceled.

"We continue to believe that at current market prices, repurchasing our class A common stock and/or senior notes represents an attractive investment opportunity and is an excellent use of our excess cash from operations to increase stockholder value," president and chief executive officer David L. Wenner said in a company news release.

B&G Foods is a Parsippany, N.J., manufacturer and distributor of shelf-stable branded food products.

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