05/09/24
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Most Recent
Press Release
HanesBrands Favorably Amends Senior Secured Credit Facility
HanesBrands Favorably Amends Senior Secured Credit Facility
December 15, 2017 at 10:14 AM EST
The amended credit facility reduces interest rates, increases capacity, and increases the flexibility of the facility’s indebtedness, investment and restricted payments baskets, and leverage-ratio requirements.
“We are very pleased with the strong support we received in the credit
markets,” said Hanes Chief Financial Officer
The senior secured credit facility increased to
The interest rates of the revolver and Term Loan A decreased 25 basis points, while the rate for the Term Loan B decreased 75 basis points.
Other highlights include: significant improvements to the Term Loan A amortization schedule; maturity extensions for the revolver and term loans; covenant amendments that include partial credit for cash in calculating leverage; and an increase of the maximum permitted total net leverage ratio to 4.5 times EBITDA with an allowable step up to 5.0 times for 12 months following a permitted acquisition.
A summary chart with additional details of the amended credit facility
is included with the company’s filing today with the
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 expected benefits resulting
from the amendment of our senior secured credit facility. These
forward-looking statements are based on our current intent, beliefs,
plans and expectations. Readers are cautioned not to place any undue
reliance on any forward-looking statements. Forward-looking statements
necessarily involve risks and uncertainties, many of which are outside
of our control, that could cause actual results to differ materially
from such statements and from our historical results and experience.
These risks and uncertainties include such things as: the highly
competitive and evolving nature of the industry in which we compete; any
inadequacy, interruption, integration failure or security failure with
respect to our information technology; significant fluctuations in
foreign exchange rates; the rapidly changing retail environment; our
complex multinational tax structure; our ability to properly manage
strategic projects; our ability to attract and retain a senior
management team with the core competencies needed to support our growth
in global markets; risks related to our international operations,
including the impact to our business as a result of the United Kingdom’s
recent referendum to leave the
View source version on businesswire.com: http://www.businesswire.com/news/home/20171215005434/en/
Source:
HanesBrands
News Media:
Matt Hall, 336-519-3386
or
Analysts
and Investors:
TC Robillard, 336-519-7130
Data Provided by Refinitiv. Minimum 15 minutes delayed.