02:56 PM EDT, 07/15/2024 (MT Newswires) -- B&G Foods ( BGS ) shares were up nearly 2% in recent trading on Monday after it refinanced and amended its credit agreement on July 12 to replace $507.3 million of outstanding tranche B term loans with $450.0 million of new tranche B term loans.

The amended credit agreement also extended the maturity of loans from Oct. 10, 2026, to Oct. 10, 2029, according to the company's filing.

B&G said the new tranche B term loans will have interest rates of either base rate plus 2.50% or secured overnight financing rate plus 3.50%.

The company said it closed a private offering of $250 million 8% senior unsecured notes due 2028 and used proceeds to repay a portion of its tranche B term loans.

The company said it prepaid $175 million in revolving credit loans as part of the refinancing, reduced its revolver capacity under the senior secured credit agreement from $800 million to $475 million, and extended the maturity date to December 2028.

The interest rates will be based on alternative rates, with remaining revolving credit loans totaling $30 million as of July 12, B&G added.

Price: 8.00, Change: +0.12, Percent Change: +1.56