12/02/04
NEW YORK, December 2, 2004 - The Bank of New York, a global leader in securities servicing, has been appointed indenture trustee and stock transfer agent by B&G Foods Holdings Corp. for its Initial Public Offering (IPO). The IPO comprises 20,000,000 Enhanced Income Securities (EISs), representing 20,000,000 shares of Class A common stock and $143.0 Million 12% Senior Subordinated Notes, due 2016.
EISs are a hybrid security that bundle a company’s common stock and debt into a single security to be traded on the public markets. The Bank also served as indenture trustee for the company’s recent offering of $22.8 Million 12% Senior Subordinated Notes due 2016 and $240 million aggregate principal amount of 8% senior notes due 2011.
Robert Cantell, chief financial officer of B & G Foods, said, "Given our long standing relationship with The Bank of New York and their experience providing services related to this complex security, we are confident of their ability to fulfill the multiple roles of indenture trustee and stock transfer agent for the B&G Foods issuance of enhanced income securities." Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell, and distribute a broad range of shelf-stable foods across the U.S., Canada, and Puerto Rico.
Karen B. Peetz, executive vice president and Head of The Bank of New York’s Corporate Trust Division said, "This transaction represents a significant milestone in the IPO market for this type of security, as it is the only issuance of its kind to come to market in the past ten months and is reported to be only the second offering of its kind to-date. This appointment represents an expansion of our existing trust and transfer agency relationship with B&G Foods and reflects the expertise of our dedicated trust and stock transfer professionals in handling innovative securities transactions."
The Bank of New York is a leading provider of corporate trust and agency services worldwide. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing more than $2.75 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.
In addition, The Bank of New York is among the world’s leading transfer agents, providing shareholder services to more than 1,950 U.S. and non-U.S. corporations worldwide. The Bank provides recordkeeping, dividend paying and reinvestment, proxy tabulation, employee investment plans, and corporate reorganization services for corporate issuers of equity securities. For more information, visit the Bank’s Stock Transfer website at http://www.stockbny.com/.
The Bank of New York Company, Inc. (NYSE: BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at http://www.bankofny.com/.
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
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