Home / Knowledge / News / Apparel/Garments / HanesBrands to redeem 50% of floating debt in July
HanesBrands to redeem 50% of floating debt in July
14
Jun '12

HanesBrands announced that it intends to redeem in July $150 million of its Floating Rate Senior Notes due 2014 as part of plans to pay off it&rsqu;s approximately $300 million of floating-rate bond debt in 2012.

The redemption of the Floating Rate Notes is consistent with Hanes’ plans to use free cash flow in 2012 and 2013 to significantly reduce long-term debt and leverage.

“Free cash flow is tracking to our plans, and we are taking the opportunity to begin the reduction of floating-rate debt a little earlier than originally planned this year,” said Hanes Chief Financial Officer Richard D. Moss. “We are using our strong capital structure and operating results to deleverage our balance sheet consistent with our strong free cash flow.”

Hanes has issued a notice of redemption pursuant to the indenture for the Floating Rate Notes due 2014 stating that it intends to redeem $150 million aggregate principal amount of the Floating Rate Notes on July 12, 2012, at a redemption price equal to 100 percent of the principal amount of the Notes, including interest accrued and unpaid to the redemption date.

Following the redemption date, up to $147,055,000 aggregate principal amount of Floating Rate Notes will remain outstanding.

In addition to expectations to pay off the approximately $300 million in floating rate notes in 2012, the company’s goal is to pay off its $500 million of 8 percent notes in 2013, reducing bond debt to approximately $1 billion.

HanesBrands is a socially responsible leading marketer of everyday basic apparel under some of the world’s strongest apparel brands, including Hanes, Champion, Playtex, Bali, JMS/Just My Size, barely there, Wonderbra and Gear For Sports.

HanesBrands


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Ritu Kumar
Label Ritu Kumar

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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