B&g foods, inc. amends and restates credit agreement

On october 10, 2019, b&g foods, inc. amended and restated credit agreement, dated as of october 2, 2015, and previously amended on march 30, 2017 and november 20, 2017, among b&g foods, as borrower, the several banks and other financial institutions or entities from time to time party thereto as lenders and barclays bank plc, as administrative agent and collateral agent. in the remainder of this report, the company refer to the amended and restated credit agreement as so amended, as credit agreement. among other things, the amendment provides for an incremental $450.0 million tranche b term loan facility, which closed and funded on october 10, 2019. b&g foods used the proceeds of the tranche b term loans, together with the net proceeds of recently completed offering of $550.0 million of 5.25% senior notes due 2027, to redeem all $700.0 million of 4.625% senior notes due 2021, repay a portion of borrowings under revolving credit facility and pay related fees and expenses. the company expects to use the remaining proceeds for general corporate purposes. the tranche b term loans mature on october 10, 2026 and are subject to amortization at the rate of 1% per year with the balance due and payable on the maturity date. interest under the tranche b term loan facility is determined based on alternative rates that the company may choose in accordance with credit agreement, including a base rate per annum plus an applicable margin of 1.00%, and libor plus an applicable margin of 2.50%.
BGS Ratings Summary
BGS Quant Ranking