B&G Foods to sell $500 million five-year secured notes on Tuesday; initial talk 8¼%-8½%

By Paul A. Harris

Portland, Ore., Sept. 12 – B&G Foods, Inc. plans to price a $500 million offering of senior secured notes due 2028 in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance is 8¼ to 8½%.

The Rule 144A and Regulation S for life five-year notes become subject to their first call after two years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.

Left bookrunner Barclays will bill and deliver. Deutsche Bank Securities Inc., BofA Securities Inc., RBC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

Citizens Capital Markets Inc., Rabo Securities USA Inc., TD Securities (USA) LLC and Capital One Securities Inc. are the co-managers.

The Parsippany, N.J.-based branded foods holding company plans to use the proceeds plus cash on hand to refinance a portion of its 5¼% senior notes due 2025.

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