B&G Foods will likely bring high-yield bonds as part of refinancing

By Paul A. Harris

St. Louis, Feb. 11 - B&G Foods Holdings Corp. will likely bring an offering of high-yield bonds as the "senior debt" component of a refinancing package disclosed in a Wednesday filing with the Securities and Exchange Commission, according to Robert Cantwell, the company's chief financial officer.

Lehman Brothers will lead the high-yield offering, Cantwell said, adding that other investment banks will be included in the syndicate.

The high-yield offering will be made concurrently with a common stock and subordinated notes IPO to be led by RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray.

Cantwell said that hopefully the refinancing will be completed before the end of the second fiscal quarter of 2004.

Proceeds from the offerings will be used to repay bank debt, to call $220 million of the company's 9 5/8% senior subordinated notes due 2007 at 103.208% (call is subject the completion of the offering), and to repurchase its preferred stock and a significant portion of its currently outstanding Class B common stock.

B&G Foods is a Parsippany, N.J., company that manufactures, sells and distributes a diversified portfolio of shelf-stable food products across the United States, Canada and Puerto Rico.

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