Home / Knowledge / News / Apparel/Garments / Gildan closes 5-year $800 mn amended bank credit facility
Gildan closes 5-year $800 mn amended bank credit facility
01
Jul '11
Gildan Activewear Inc announced that it has increased its existing unsecured revolving bank credit facility to US$800 million from US$400 million and has extended the maturity date to June 2016 from June 2013.

As previously disclosed, the Company utilized approximately US$250 million of its bank facility to finance its acquisition of Gold Toe Moretz Holdings Corp. in April 2011. The increase in the amount of the facility is intended to provide the Company with continuing financing flexibility, primarily to be able to respond to potential future acquisition opportunities which complement its organic growth strategy.

The interest rate for drawn amounts under the facility is based on the underlying banker's acceptance or LIBOR rate plus 125 to 200 basis points depending on Gildan's debt leverage. Based on the current LIBOR rate, this translates into a floating interest rate of 1.45%. However, the Company has entered into a series of floating-to-fixed interest rate swaps totaling US$100 million for a term of 5 years. The interest rate on the swapped debt is fixed at 3.12%.

The transaction was led by BMO Capital Markets ("BMO") and Canadian Imperial Bank of Commerce ("CIBC") as Co-Lead Arrangers. Joint Book Runners were BMO, CIBC and JPMorgan Chase Bank. The banking syndicate also comprises TD Bank Financial Group, Bank of America, N.A., Bank of Nova Scotia, Royal Bank of Canada, HSBC Bank Canada and BNP Paribas Bank.

Gildan Activewear Inc


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search