B&g foods, inc. announces closing of $450.0 million term loan b facility

B&g foods, inc. announced the closing of a $450.0 million tranche b term loan facility under its existing senior secured credit facility. as previously announced, the tranche b term loans will bear interest at a rate of libor plus 2.50%, with a 0.0% libor floor, and have a seven year maturity. b&g foods used the proceeds of the new term loans, together with the net proceeds of b&g foods’ recently completed offering of $550.0 million of 5.25% senior notes due 2027, to redeem all $700.0 million of b&g foods’4.625% senior notes due 2021, repay a portion of b&g foods’ borrowings under its revolving credit facility and pay related fees and expenses. b&g foods expects to use the remaining proceeds for general corporate purposes. barclays, deutsche bank securities, rbc capital markets, bofa securities, bmo capital markets, goldman sachsbank usa and j.p. morgan acted as joint lead arrangers and bookrunners, and credit suisse, capital one, citigroup, citizens bank, rabobank and td securities acted as joint co-documentation agents.
BGS Ratings Summary
BGS Quant Ranking