B&G Foods, Inc. Completes Amendment to its Senior Secured Credit Facility
June 28, 2022 at 04:05 pm EDT
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B&G Foods, Inc. announced that it has completed an amendment to its senior secured credit facility to temporarily increase the maximum consolidated leverage ratio permitted under its revolving credit facility. B&G Foods' maximum consolidated leverage ratio (defined as the ratio, determined on a pro forma basis, of consolidated net debt, as of the last day of any period of four consecutive fiscal quarters to adjusted EBITDA (as defined in the credit agreement) before share-based compensation for such period), will increase from 7.00 to 1.00 to 7.50 to 1.00 for the quarter ending July 2, 2022, and then to 8.00 to 1.00 for the quarter ending October 1, 2022 through the quarter ending September 30, 2023. The maximum consolidated leverage ratio will decrease to 7.50 to 1.00 for the quarter ending December 30, 2023 before returning to 7.00 to 1.00 for the quarters ending March 30, 2024 and thereafter.
B&G Foods, Inc. manufactures, sells and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. The Company complements its branded product retail sales with institutional and foodservice sales and private label sales. Its products include frozen and canned vegetables, crackers, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, bagel chips, spices, hot sauces, baking soda, corn starch, nut clusters and other specialty products. The Company has more than 50 brands, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Maryâs, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria. The Company sells, markets and distributes its products through a multiple-channel sales, marketing and distribution system to various United States food channels, including sales and shipments to supermarkets and mass merchants.
B&G FOODS, INC. 
