B&G Foods prices public offering

by Jeff Gelski
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PARSIPPANY, N.J. – B&G Foods, Inc. has priced its public offering of 3,629,165 shares of its common stock at $30.25 per share, the company said Tuesday. The offering is expected to close Oct. 9. B&G Foods has granted the underwriters an option for a 30-day period to purchase up to an additional 544,375 shares of common stock.

After deducting underwriting discounts and commissions and other estimated offering expenses, B&G Foods expects to receive net proceeds of $104.5 million, or $120.3 million if the underwriters exercise in full their option to purchase additional shares.

B&G Foods plans to use net proceeds of the offering for general corporate purchases, including helping to pay off the acquisition of the New York Style and Old London Brands that were acquired from Chipita America, Inc. last month. B&G Foods’ products include hot cereals, fruit spreads, canned meats and other specialty products.

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