[S-3] B&G Foods, Inc. Shelf Registration Statement
B&G Foods, Inc. (NYSE: BGS) has filed a Form S-3 shelf registration covering up to $800 million of securities. The company may issue, in one or more future offerings, common or preferred stock, debt securities (which could be guaranteed by subsidiaries), warrants or units. The shelf replaces prior capacity and gives management flexibility to tap capital markets quickly as financing conditions warrant.
Any proceeds will be used for “general corporate purposes,” including debt repayment, working capital, acquisitions and capex. As of 31 Jul 2025, B&G has 80,003,749 common shares outstanding and pays a quarterly cash dividend of $0.19 per share. Shares remain listed on the NYSE under the symbol BGS.
The prospectus recites extensive risk factors—chiefly leverage covenants, commodity cost inflation, supply-chain disruptions, labor tightness, potential divestitures, cybersecurity and macroeconomic uncertainty. While the filing itself does not signal an immediate transaction or include new financial results, it preserves optionality for up to $800 million of future financing that could be dilutive or leverage-neutral depending on structure.
- Maintains rapid access to capital markets via a refreshed $800 million shelf registration.
- Wide menu of instruments (equity, debt, warrants, units) provides structuring flexibility to match market conditions.
- Dividend policy affirmed at $0.19 per quarter, signalling continued cash-return intent.
- Potential dilution: Equity issuance under the shelf could expand share count beyond the current 80 million shares.
- Leverage concerns: Additional debt sales could pressure already high leverage and covenant headroom.
- Risk disclosures highlight numerous operational pressures (commodity costs, supply chain, labor, cybersecurity) that may necessitate future capital raises.
Insights
TL;DR – Shelf boosts funding flexibility; impact neutral today, but could dilute later.
The universal shelf keeps BGS ready to issue equity, debt or hybrid paper rapidly, a prudent move for a mid-cap food company with acquisitive history and elevated leverage. The $800 million capacity equals roughly 65 % of current market cap and 35 % of total debt, so any sizable equity draw would be meaningfully dilutive, while debt could raise leverage unless proceeds refinance existing notes. Because no specific offering terms are set, the filing itself is capital-structure optionality, not a credit or equity event. Investors should watch for follow-on supplements that detail size, security type and pricing to gauge dilution or interest-expense effects.
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
THE SECURITIES ACT OF 1933
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Delaware
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13-3918742
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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Parsippany, NJ 07054
Executive Vice President, General Counsel, Secretary and Chief Compliance Officer
Four Gatehall Drive
Parsippany, NJ 07054
Dechert LLP
Cira Centre
2929 Arch Street
Philadelphia, PA 19104
| | Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ | |
| | Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ | |
| | | | | | | | Emerging growth company | | | ☐ | |
Table of Additional Registrants
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Exact Name of Registrant as Specified in its Charter
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Jurisdiction of
Incorporation or Organization |
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IRS
Employer Identification Number |
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B&G Foods North America, Inc.
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Delaware
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| | | | 22-3640377 | | |
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B&G Foods Snacks, Inc.
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Delaware
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| | | | 46-1040154 | | |
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Bear Creek Country Kitchens, LLC
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Delaware
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| | | | 52-2409215 | | |
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Clabber Girl Corporation
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Indiana
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| | | | 35-2150132 | | |
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Spartan Foods of America, Inc.
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Delaware
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| | | | 27-1442631 | | |
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Victoria Fine Foods, LLC
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Delaware
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| | | | 27-4481075 | | |
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William Underwood Company
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Massachusetts
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| | | | 04-1919830 | | |
Common Stock
Preferred Stock
Debt Securities
Warrants
Units
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Page
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About this Prospectus
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Risk Factors
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Special Note Regarding Forward-Looking Statements
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The Company
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Use of Proceeds
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General Description of the Securities We May Offer
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Description of Capital Stock
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Description of Debt Securities
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Description of Warrants
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Description of Units
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Plan of Distribution
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Legal Matters
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Experts
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Where You Can Find More Information
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Incorporation by Reference
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Four Gatehall Drive
Parsippany, NJ 07054
Attention: Corporate Secretary
Telephone: 973.401.6500
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Amount
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SEC Registration Fee
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| | | $ | 116,217 | | |
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Accounting Fees and Expenses
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Legal Fees and Expenses
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Transfer Agent and Registrar Fees and Expenses
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Printing and Engraving Expenses
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Rating Agency Fees
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Trustees Fees and Expenses
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Miscellaneous Fees and Expenses
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Total
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Exhibit No.
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Description
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| | 1.1* | | | Form of underwriting agreement with respect to common stock, preferred stock, debt securities, warrants and/or units. | |
| | 3.1** | | | Second Amended and Restated Certificate of Incorporation of B&G Foods, Inc. (Filed as Exhibit 3.1 to B&G Foods’ Current Report on Form 8-K filed on August 13, 2010, and incorporated by reference herein). | |
| | 3.2** | | | Bylaws of B&G Foods, Inc., as amended and restated through November 8, 2022 (Filed as Exhibit 3.2 to B&G Foods’ Current Report on Form 8-K filed on November 9, 2022, and incorporated by reference herein). | |
| | 3.3** | | | Certificate of Incorporation of B&G Foods North America, Inc., as amended (Filed as Exhibit 3.3 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.4** | | | Amended and Restated Bylaws of B&G Foods North America, Inc. (Filed as Exhibit 3.4 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.5** | | | Certificate of Incorporation of B&G Foods Snacks, Inc. (Filed as Exhibit 3.5 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.6** | | | Bylaws of B&G Foods Snacks, Inc. (Filed as Exhibit 3.6 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.7** | | | Certificate of Formation of Bear Creek Country Kitchens, LLC (Filed as Exhibit 3.7 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.8** | | | Third Amended and Restated Limited Liability Company Agreement of Bear Creek Country Kitchens, LLC (Filed as Exhibit 3.8 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.9** | | | Articles of Incorporation of Clabber Girl Corporation (Filed as Exhibit 3.17 to B&G Foods’ Registration Statement on Form S-3 filed on August 7, 2019, and incorporated by reference herein). | |
| | 3.10* | | | Bylaws of Clabber Girl Corporation. | |
| | 3.11** | | | Certificate of Incorporation of Spartan Foods of America, Inc. (formerly known as Spartan Foods Holding Company) (Filed as Exhibit 3.11 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.12** | | | Amended and Restated Bylaws of Spartan Foods of America, Inc. (formerly known as Spartan Foods Holding Company) (Filed as Exhibit 3.12 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.13** | | | Certificate of Formation of Victoria Fine Foods, LLC (Filed as Exhibit 3.21 to B&G Foods’ Registration Statement on Form S-3 filed on August 7, 2019, and incorporated by reference herein). | |
| | 3.14** | | | Second Amended and Restated Limited Liability Company Agreement of Victoria Fine Foods, LLC (Filed as Exhibit 3.22 to B&G Foods’ Registration Statement on Form S-3 filed on August 7, 2019, and incorporated by reference herein). | |
| | 3.15** | | | Amended and Restated Declaration of Trust of the William Underwood Company (Filed as Exhibit 3.15 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
| | 3.16** | | | Bylaws of the William Underwood Company (Filed as Exhibit 3.16 to B&G Foods’ Registration Statement on Form S-3 filed on August 8, 2016, and incorporated by reference herein). | |
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Exhibit No.
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Description
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| | 4.1** | | | Indenture, dated as of June 4, 2013, between B&G Foods, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Filed as Exhibit 4.1 to B&G Foods’ Current Report on Form 8-K filed on June 4, 2013, and incorporated by reference herein). | |
| | 4.2** | | |
Form of stock certificate for common stock (Filed as Exhibit 4.1 to B&G Foods’ Current Report on Form 8-K filed on August 13, 2010, and incorporated by reference herein).
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| | 4.3** | | | Tenth Supplemental Indenture, dated as of September 26, 2019, among B&G Foods, Inc., the Guarantors (as defined therein), and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the 5.25% senior notes due 2027 (Filed as Exhibit 4.1 to B&G Foods’ Current Report on Form 8-K filed on September 26, 2019, and incorporated by reference herein). | |
| | 4.4** | | |
Form of 5.25% Senior Note due 2027 (included in Exhibit 4.3)
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| | 4.5** | | | Indenture, dated as of September 26, 2023, among B&G Foods, Inc., the Guarantors (as defined therein), and The Bank of New York Mellon Trust Company, N.A. as trustee and notes collateral agent, relating to the 8.00% senior secured notes due 2028 (Filed as Exhibit 4.1 to B&G Foods’ Current Report on Form 8-K filed on September 26, 2023, and incorporated by reference herein). | |
| | 4.6** | | |
Form of 8.00% Senior Secured Notes due 2028 (Included in Exhibit 4.5).
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| | 4.7* | | | Certificate of designations for preferred stock, if any. | |
| | 4.8* | | | Form of new indenture, if any. | |
| | 4.9* | | | Form of new debt securities, if any. | |
| | 4.10* | | | Form of warrant agreement and warrant certificate, if any. | |
| | 4.11* | | | Form of unit agreement and unit certificate, if any. | |
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Opinion of Dechert LLP.
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Consent of Dechert LLP (included in Exhibit 5.1).
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| | 23.2+ | | |
Consent of KPMG LLP, independent registered public accounting firm.
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Power of Attorney (included on signature page).
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| | 25.1++ | | | Statement of Eligibility of the Trustee on Form T-1 under the Trust Indenture Act of 1939, as amended. | |
| | 107+ | | |
Filing Fee Table
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Signature
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Title
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Date
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/s/ Kenneth C. Keller
Kenneth C. Keller
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| | President, Chief Executive Officer and Director (Principal Executive Officer) | | |
August 4, 2025
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/s/ Bruce C. Wacha
Bruce C. Wacha
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| | Executive Vice President of Finance and Chief Financial Officer (Principal Financial Officer) | | |
August 4, 2025
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/s/ Michael D. Adasczik
Michael D. Adasczik
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| | Vice President of Finance and Chief Accounting Officer (Principal Accounting Officer) | | |
August 4, 2025
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/s/ Stephen C. Sherrill
Stephen C. Sherrill
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| | Chair of the Board of Directors | | |
August 4, 2025
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/s/ DeAnn L. Brunts
DeAnn L. Brunts
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| | Director | | |
August 4, 2025
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/s/ Debra M. Chase
Debra M. Chase
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| | Director | | |
August 4, 2025
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/s/ Charles F. Marcy
Charles F. Marcy
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| | Director | | |
August 4, 2025
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/s/ Robert D. Mills
Robert D. Mills
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| | Director | | |
August 4, 2025
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/s/ Dennis M. Mullen
Dennis M. Mullen
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| | Director | | |
August 4, 2025
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Signature
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Title
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Date
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/s/ Cheryl M. Palmer
Cheryl M. Palmer
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| | Director | | |
August 4, 2025
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/s/ Alfred Poe
Alfred Poe
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| | Director | | |
August 4, 2025
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/s/ David L. Wenner
David L. Wenner
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| | Director | | |
August 4, 2025
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CLABBER GIRL CORPORATION
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Signature
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Title
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Date
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/s/ Kenneth C. Keller
Kenneth C. Keller
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| | President, Chief Executive Officer (Principal Executive Officer) and Director | | |
August 4, 2025
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/s/ Bruce C. Wacha
Bruce C. Wacha
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| | Executive Vice President of Finance, Chief Financial Officer, Treasurer and Director (Principal Financial Officer) | | |
August 4, 2025
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/s/ Scott E. Lerner
Scott E. Lerner
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| | Executive Vice President, General Counsel, Secretary, Chief Compliance Officer and Director | | |
August 4, 2025
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/s/ Michael D. Adasczik
Michael D. Adasczik
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| | Vice President of Finance and Chief Accounting Officer (Principal Accounting Officer) | | |
August 4, 2025
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SPARTAN FOODS OF AMERICA, INC.
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Signature
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Title
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Date
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/s/ Kenneth C. Keller
Kenneth C. Keller
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| | President, Chief Executive Officer (Principal Executive Officer) | | |
August 4, 2025
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/s/ Bruce C. Wacha
Bruce C. Wacha
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| | Executive Vice President of Finance, Chief Financial Officer, Treasurer and Director (Principal Financial Officer) | | |
August 4, 2025
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/s/ Scott E. Lerner
Scott E. Lerner
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| | Executive Vice President, General Counsel, Secretary, Chief Compliance Officer and Director | | |
August 4, 2025
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/s/ Michael D. Adasczik
Michael D. Adasczik
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| | Vice President of Finance and Chief Accounting Officer (Principal Accounting Officer) | | |
August 4, 2025
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VICTORIA FINE FOODS, LLC
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Signature
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Title
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Date
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/s/ Kenneth C. Keller
Kenneth C. Keller
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| | President and Chief Executive Officer (Principal Executive Officer) | | |
August 4, 2025
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/s/ Bruce C. Wacha
Bruce C. Wacha
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| | Executive Vice President of Finance, Chief Financial Officer and Treasurer (Principal Financial Officer) | | |
August 4, 2025
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/s/ Scott E. Lerner
Scott E. Lerner
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| | Executive Vice President, General Counsel, Secretary and Chief Compliance Officer | | |
August 4, 2025
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/s/ Michael D. Adasczik
Michael D. Adasczik
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| | Vice President of Finance and Chief Accounting Officer (Principal Accounting Officer) | | |
August 4, 2025
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Signature
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Title
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Date
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/s/ Kenneth C. Keller
Kenneth C. Keller
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| | President, Chief Executive Officer and Trustee (Principal Executive Officer) | | |
August 4, 2025
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/s/ Bruce C. Wacha
Bruce C. Wacha
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| | Executive Vice President of Finance, Chief Financial Officer, Treasurer and Trustee (Principal Financial Officer) | | |
August 4, 2025
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/s/ Scott E. Lerner
Scott E. Lerner
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| | Executive Vice President, General Counsel, Secretary, Chief Compliance Officer and Trustee | | |
August 4, 2025
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/s/ Michael D. Adasczik
Michael D. Adasczik
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| | Vice President of Finance and Chief Accounting Officer (Principal Accounting Officer) | | |
August 4, 2025
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