B&G Foods plans $350 million tap of 5¼% senior notes due 2025; investor call Wednesday

By Paul A. Harris

Portland, Ore., Nov. 8 – B&G Foods, Inc. is expected to price a $350 million add-on to its 5¼% senior notes due April 1, 2025 (existing ratings B3/B+) on Wednesday, trailing a late-morning conference call with investors, according to market sources.

Barclays is the left bookrunner for the public offering. BofA Merrill Lynch, RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and BMO Securities are the joint bookrunners.

Citizens Bank, KeyBanc Capital Markets, Rabo Securities and TD Securities are the co-managers.

The notes become callable on April 1, 2020 at 103.938 and feature a 40% equity clawback at 105.25 until April 1, 2020 and a 101% poison put.

The Parsippany, N.J.-based manufacturer and distributor of shelf-stable foods plans to use the proceeds to repay revolver borrowings and for general corporate purposes.

The original $500 million issue priced at par on March 29, 2017.

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