Hanesbrands Inc., the parent of Champion, plans to commence a public offering of $500 million of senior notes pursuant to a shelf registration statement filed with the Securities and Exchange Commission. It also intends to amend and restate its existing senior secured credit facility to provide for a proposed $1.15 billion in new senior secured credit facilities.
Hanesbrands intends to simultaneously use the net proceeds from the notes offering together with borrowings from the proposed new senior secured credit facilities to refinance all or a portion of its outstanding debt under its existing senior secured credit facility and repay all of its outstanding debt under its senior secured second-lien credit facility, as well as to pay fees and expenses related to these transactions.
The exact terms and timing of the refinancing will depend upon market conditions and other factors.
J.P. Morgan Securities Inc., Banc of America Securities LLC, HSBC Securities (USA) Inc. and Goldman, Sachs & Co. will act as joint book-running managers, and Barclays Capital Inc., RBC Capital Markets Corporation and BB&T Capital Markets will act as co-managers of the notes offering.
