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B&G Foods Announces Proposed Credit Agreement Refinancing

  B&GFoods Announces Proposed Credit Agreement Refinancing

Business Wire

PARSIPPANY, N.J. -- May 15, 2014

B&GFoods, Inc. (NYSE:BGS) announced today that it intends to refinance
existing indebtedness under its senior secured credit facility by establishing
a new senior secured credit facility, consisting of $300 million of tranche A
term loans and a $500 million revolving credit facility. The proceeds of the
new credit facility will be used by B&G Foods to repay $122 million of tranche
A term loans and approximately $203 million of revolving credit loans under
the existing credit agreement, to pay transaction fees and expenses and for
general corporate purposes. Immediately following the completion of the
proposed refinancing, B&GFoods expects to have approximately $345 million of
borrowings outstanding under the new credit facility. The new credit facility
is expected to mature in 2019.

B&G Foods expects that the proposed refinancing, if completed, would lower its
cost of debt and provide greater flexibility in its capital structure. The
consummation of the refinancing is subject to completion of definitive
agreements as well as customary closing conditions, and is subject to market
conditions. There can be no assurance that the refinancing will occur, or, if
it does, as to the terms of the refinancing.

This press release is for informational purposes only and does not constitute
an offer to sell or a solicitation of an offer to buy securities, nor shall
there be any sale of securities in any state or jurisdiction in which the
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.

About B&GFoods, Inc.

B&GFoods and its subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, branded shelf-stable foods across the United
States, Canada and Puerto Rico. Based in Parsippany, NewJersey, B&GFoods’
products are marketed under many recognized brands, including Ac’cent, B&G,
B&M, Baker’sJoy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s,
CreamofRice, Creamof Wheat, Devonsheer, Don Pepino, Emeril’s,
Grandma’sMolasses, JJFlats, JoanofArc, LasPalmas, MacDonald’s,
MapleGroveFarms, Molly McButter, Mrs.Dash, NewYorkFlatbreads, NewYork
Style, OldLondon, OriginalTings, Ortega, Pirate’s Booty, Polaner, Red Devil,
Regina, RicklandOrchards, Sa-són, Sclafani, SmartPuffs, SpringTree, Sugar
Twin, Trappey’s, TrueNorth, Underwood, VermontMaid and Wright’s. B&GFoods
also sells and distributes two branded household products, StaticGuard and
Kleen Guard.

Forward-Looking Statements

Statements in this press release that are not statements of historical or
current fact constitute “forward-looking statements.” The forward-looking
statements contained in this press release include without limitation
statements about the proposed refinancing, including the anticipated amount
and maturity date of the proposed refinancing, the ability of the Company to
lower its cost of debt and achieve capital structure flexibility and prospects
for consummating the proposed refinancing transaction. Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the actual results of B&GFoods to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties readers are urged to consider
statements labeled with the terms “believes,” “belief,” “expects,” “projects,”
“intends,” “anticipates” or “plans” to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject generally to
other risks and uncertainties that are described from time to time in
B&GFoods’ filings with the Securities and Exchange Commission, including
under Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for
fiscal 2013 filed on February 26, 2014. B&GFoods undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.

Contact:

Investor Relations:
ICR, Inc.
Don Duffy, 866-211-8151
or
ICR, Inc.
Media Relations:
Matt Lindberg, 203-682-8214
 
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