Apparel supplier HanesBrands, Winston-Salem, N.C., announced Tuesday that it intends to redeem $200 million of its floating rate senior notes due December 15, 2014 (the “floating rate notes”), consistent with its intentions of using free cash flow to reduce its leverage and long-term debt over time.
HanesBrands has issued a notice of redemption pursuant to the indenture for the Floating Rate Notes stating that it intends to redeem $200 million of the floating rate notes on December 28, 2011 (the “redemption date”) at a redemption price equal to 100 percent of the principal amount of the notes, including interest accrued on the notes to the redemption date. Following the redemption date, $290,735,000 aggregate principal amount of floating rate notes (exclusive of floating rate notes previously repurchased by Hanes but not retired) will remain outstanding.
“Hanes has built a strong capital structure that allows us to use our cash flow to deleverage our balance sheet,” said HanesBrands chief financial officer Richard D. Moss. “The early redemption of our floating rate notes is the most efficient way to accomplish this goal.”
For more information, visit HanesBrands’ website.
