US food group B&G Foods has priced its public offering of ten million shares of its Class A common stock at US$8.00 per share.
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The offering is expected to close around 18 September and the company has granted the underwriters an option for a period of 30 days to purchase up to an additional 1,500,000 shares of Class A common stock.
After deducting underwriting discounts and commissions, B&G Foods will receive proceeds of $75.6m, or $86.9m if the underwriters exercise in full their option to purchase additional shares.
B&G Foods expects to use the proceeds of the offering for “general corporate purposes”, which may include the future repayment of long-term debt, including its 8% senior notes due 2011 or its 12% senior subordinated notes due 2016.
Credit Suisse Securities, Barclays Capital 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.
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By GlobalData
