B&G Foods Announces Completion of Credit Agreement Refinancing

  B&GFoods Announces Completion of Credit Agreement Refinancing

Business Wire

PARSIPPANY, N.J. -- June 5, 2014

B&GFoods, Inc. (NYSE:BGS) announced today that it has completed a refinancing
of its senior secured credit facility by terminating the facility and
replacing it with 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 tranche A term loans and $46 million of initial
borrowings under the new revolving credit facility were used by B&G Foods to
repay $122 million of tranche A term loans and $215 million of revolving
credit loans under the existing credit agreement, and to pay transaction fees
and expenses. Any future borrowings under the new revolving credit facility
will be used for general corporate purposes. The new credit facility matures
on June 5, 2019.

The credit agreement refinancing lowers B&G Foods’ cost of debt and provides
greater flexibility in its capital structure. The new credit facility reduces
the interest rate payable on the tranche A term loans and revolving loans by
100 basis points and increases the revolving credit commitments from $300
million to $500 million. Immediately following the completion of the
refinancing, B&GFoods has $346 million of borrowings outstanding under the
new credit facility and the available borrowing capacity under the new
revolving credit facility, net of outstanding letters of credit, is
approximately $454 million.

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.” 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:

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