Hanes is using free cash flow to significantly reduce long-term debt and leverage in 2012 and plans to continue in 2013.
“Free cash flow is tracking to our plans and has allowed us to meet our goal of retiring all $300 million of our floating-rate notes this year,” said Hanes Chief Financial Officer Richard D. Moss. “Our priority for use of free cash flow next year will continue to be the deleveraging of our balance sheet as we expect to prepay another $500 million of bond debt late in 2013.”
Hanes has issued a notice of redemption pursuant to the indenture for the Floating Rate Notes due 2014 stating that it intends to redeem $147,055,000 aggregate principal amount of the Floating Rate Notes on Oct. 17, 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. Hanes had already redeemed $150 million of the Floating Rate Notes on July 12, 2012.
Next year, the company’s goal is to pay off its $500 million of 8 percent notes, 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.
| On 12th Jun 2021
Gross domestic product (GDP) of the Group of 20 (G20) area returned...
| On 12th Jun 2021
Japan’s imports of clothing and accessories declined by 13.2 per cent ...
Setting the right targets for issues in play in locations, i.e.,...
Quality & affordability to affect market acceptability of new fibres
Blockchain is not a silver bullet for each and every problem in supply...
Great step towards realising end goal of 'AtmaNirbhar Bharat'
Headquartered in Apt, South of France, Delta Plus designs, manufactures...
Dhirubhai & Arvind Shah
It supplies synthetic fabrics to top international brands like M&S,...
<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...
Headquartered in Belgium and with offices in the United Kingdom, Portugal...
Hologenix is a material sciences company dedicated to developing products...
Pranesh Sridharan & Berndt Koll
The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
Sailesh Singhania Label
The Sailesh Singhania label was created to promote handwoven sarees and...
Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.