B&G Foods announces establishment of new senior secured credit facility, consisting of US$300M in tranche A term loans and a US$500M revolving credit facility; proceeds will be used partly to repay US$122M of tranche A term loans

PARSIPPANY, New Jersey , May 15, 2014 (press release) – B&G Foods, Inc. (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&G Foods 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&G Foods, Inc.

B&G Foods 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, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s, Grandma’s Molasses, JJ Flats, Joan of Arc, Las Palmas, MacDonald’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards, Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid and Wright’s. B&G Foods also sells and distributes two branded household products, Static Guard and Kleen Guard.

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