B&G Foods Drops 6% After Pricing Notes Offering

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Shares of B&G Foods, Inc. (BGS) are falling more than 6% Wednesday morning after the company priced an offering of $550 million of 8% senior notes due 2028.

The offering has been upsized from $500 million announced on Tuesday.

B&G Foods intends to use the proceeds of about $538.6 million from the offering, which is expected to close on September 26, to redeem a portion of the company’s 5.25% senior notes due 2025 and pay related fees and expenses.

BGS is at $10.35. It has traded in the range of $9.90 – $20.51 in the last 52 weeks.

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