PARSIPPANY, N.J. (AP) -- B&G Foods Inc. said Tuesday that it completed a $700 million offering of its senior notes due in 2021.
The food maker said it will use proceeds from the offering to purchase its senior notes due 2018 and to repay other debt. B&G plans to use any remaining proceeds for general corporate purposes.
The company said separately that it received and accepted for purchase nearly $218.1 million of its outstanding notes as of Monday, the deadline for its tender offer. That represents consents from holders of approximately 87.75 percent of the outstanding notes.
B&G is now offering those who did not tender their notes the opportunity, until June 17, to hand over their notes and receive $1,050.90 per $1,000 principal amount of notes tendered. Following the expiration of the offer, it will redeem all notes still outstanding in July at a redemption price equal to the principal amount of the notes.
B&G, based in Parsippany, N.J., makes pantry foods like Cream of Wheat cereal, Grandma's Molasses and Mrs. Dash seasoning.
B&G shares fell 48 cents to $28.58 in afternoon trading.
- Investment & Company Information