B&G Foods has announced plans to raise cash by issuing nine million new class A shares.
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At the company’s current share price, the offering could raise in the region of US$87.48m. B&G shares closed at $9.72 on the New York stock exchange yesterday (10 September).
In a statement, B&G Foods said proceeds would be used for “general corporate purposes”, including the repayment of a portion of B&G’s long-term debt, such as its 8% senior notes due 2011 or its 12% senior subordinated notes due 2016.
Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and BofA Merrill Lynch are acting as joint book-running managers, and Goldman, Sachs & Co. and RBC Capital Markets Corporation are acting as co-managers of the offering.
The company said that it also expected to grant the underwriters the option of issuing an additional 1.35m shares.
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