HanesBrands completed the refinancing of the last remaining series of its 2024 Notes. The company closed on an upsized new Senior Secured Term Loan B Facility in an aggregate principal amount of $900 million. The net proceeds from the Term Loan B Facility, together with the proceeds of the $600 million bond offering completed on February 14, 2023, were used to redeem all of the company’s outstanding 4.625 percent Senior Notes due 2024 and 3.5 percent Senior Notes due 2024 and pay related fees and expenses.
“We are pleased with the successful refinancing of our 2024 maturities, including the pricing, terms and mix of pre-payable debt,” said Steve Bratspies, company CEO. “With the refinancing behind us, we believe we now have the financial flexibility to continue to invest in our Full Potential growth strategy while positioning us to focus our free cash flow on reducing debt. We believe the combination of executing our Full Potential growth strategy and significant debt reduction will drive higher sales, profits, operating cash flow and shareholder returns over the next several years.”