B&G Foods has completed its public offering of US$350m senior notes due 2018, with net proceeds to be used to refinance existing debt.
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The US group said it will redeem $240m of 8% senior notes due 2011 and $69.5m of 12% senior subordinated notes due 2016.
B&G will use any remaining proceeds for “general corporate purposes”, including the acquisition of assets, the company said.
As part of its refinancing, B&G also purchased $96.3m 12% senior subordinated notes during the third and fourth quarters of 2009 with the proceeds of a common stock offering.
“We have significantly reduced our leverage and have replaced our existing senior notes and senior subordinated notes with a much lower cost debt structure that extends into 2018,” David Wenner, president and CEO, said.
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By GlobalDataCredit Suisse, Barclays Capital, Banc of America and Goldman Sachs acted as joint-book running managers and RBC Capital Markets acted as a co-manager.
