B&G Foods Prices $475M Senior Notes at 11% to Refinance Existing Debt
BGS is trading near its 52-week low of $3.67 (7.9% above the low).
Summary
B&G Foods priced its $475 million senior notes offering at an 11.00% interest rate to refinance existing debt, marking a significant increase in borrowing costs for the company.
Key Events · Financing and Capital Events · BGS
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Senior Notes Priced
B&G Foods priced a private offering of $475.0 million aggregate principal amount of 11.00% senior notes due 2031. The notes are being issued at a price of 97.67%, resulting in a yield to maturity of 11.625%.
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Refinancing Existing Debt
The net proceeds of approximately $456.3 million will be used to redeem all outstanding $509.3 million aggregate principal amount of the company's 5.25% senior notes due 2027.
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Increased Borrowing Costs
The new 11.00% interest rate represents a substantial increase from the 5.25% rate on the notes being refinanced, indicating higher perceived risk by lenders and a significant rise in future interest expenses.
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Covenant Modifications
The offering includes changes to covenants, such as reducing the restricted payments builder basket from $100.0 million to $75.0 million and adding restrictions on designating subsidiaries with Material Intellectual Property as Unrestricted, suggesting tighter financial controls.
Analysis · BGS · Manufacturing
B&G Foods has finalized the terms for its $475 million senior notes offering, pricing them at a high 11.00% interest rate with a yield to maturity of 11.625%. This refinancing replaces existing 5.25% notes, significantly increasing the company's interest expenses. The unfavorable terms, coming after a recent dividend cut and reported net losses, indicate substantial financial pressure and a higher cost of capital for the company. This will materially impact future profitability and cash flow.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 42.7% of the 288 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BGS was trading at $3.96 on NYSE in the Manufacturing sector, with a market capitalization of approximately $320.6M. The 52-week trading range was $3.67 to $6.38. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.