US-based food group B&G Foods has closed its initial public offering of almost 16m shares of its Class A common stock as a separately traded security.
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After deducting underwriting discounts and commissions, the offering of raised US$194.8m.
In connection with the offering, B&G Foods also repurchased over 6.7m outstanding shares of its Class B common stock for $82.4m. The remaining shares of its outstanding Class B common stock were exchanged for an equal number of shares of Class A common stock.
B&G Foods said it had used proceeds from the IPO to repay $100m of its loan borrowings. It said it planned to use the remaining net proceeds of the offering to pay fees and expenses related to the offering and for general corporate purposes.
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