Hanesbrands Inc. (ticker: HBI, exchange: New York Stock Exchange (.N))
News Release -
HanesBrands Calls for Redemption of $200 Million of Floating Rate Senior Notes Due Dec. 15, 2014, Consistent with Debt Reduction Plans
WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Nov. 29, 2011--
HanesBrands (NYSE: HBI) announced today that it intends to redeem $200
million of its Floating Rate Senior Notes due December 15, 2014 (the
"Floating Rate Notes"), consistent with its intentions of using free
cash flow to reduce its leverage and long-term debt over time.
Hanes has issued a notice of redemption pursuant to the indenture for
the Floating Rate Notes stating that it intends to redeem $200 million
of the Floating Rate Notes on December 28, 2011 (the "Redemption Date")
at a redemption price equal to 100 percent of the principal amount of
the Notes, including interest accrued on the Notes to the Redemption
Date. Following the Redemption Date, $290,735,000 aggregate principal
amount of Floating Rate Notes (exclusive of Floating Rate Notes
previously repurchased by Hanes but not retired) will remain outstanding.
"Hanes has built a strong capital structure that allows us to use our
cash flow to deleverage our balance sheet," said Hanes Chief Financial
Officer Richard D. Moss. "The early redemption of our floating rate
notes is the most efficient way to accomplish this goal."
Cautionary Statement Concerning Forward-Looking Statements
Statements in this press release that are not statements of historical
fact are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including those regarding the proposed offering of
securities and the anticipated use of proceeds therefrom. These
forward-looking statements are made only as of the date of this report
and are based on Hanes' current intent, beliefs, plans and expectations.
They involve risks and uncertainties that could cause actual future
results, performance or developments to differ materially from those
described in or implied by such forward-looking statements. These risks
and uncertainties include the risks identified from time to time in
Hanes' most recent Securities and Exchange Commission reports, including
the 2009 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K, registration statements, press releases and
other communications. Hanes undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time, other than as required by law.
HanesBrands (NYSE:HBI) is a leading socially responsible manufacturer
and 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. The company sells T-shirts, bras, panties,
men's underwear, children's underwear, socks, hosiery, casualwear and
activewear produced in the company's low-cost global supply chain. Hanes
has approximately 55,000 employees in more than 25 countries and takes
pride in its strong reputation for ethical business practices. More
information about the company and its corporate social responsibility
initiatives, including environmental, social compliance and community
improvement achievements, may be found on the Hanes corporate website at www.hanesbrands.com.
Hanes is a U.S. Environmental Protection Agency Energy Star Partner of
the Year for 2010 and 2011 and is ranked No. 150 on Newsweek magazine's
list of top 500 greenest U.S. companies.
News Media, contact:
Matt Hall, 336-519-3386
and Investors, contact:
Charlie Stack, 336-519-4710