Hanesbrands Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 21, 2008
Hanesbrands Inc.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Maryland
|
|
001-32891
|
|
20-3552316 |
(State or other jurisdiction
|
|
(Commission File Number)
|
|
(IRS Employer Identification |
of incorporation)
|
|
|
|
No.) |
|
|
|
|
|
1000 East Hanes Mill Road
|
|
|
|
27105 |
Winston-Salem, NC
|
|
|
|
(Zip Code) |
(Address of principal executive
offices) |
|
|
|
|
Registrants telephone number, including area code: (336) 519-4400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01. Entry Into a Material Definitive
Agreement
Item 9.01. Financial Statements and
Exhibits
Item 1.01. Entry Into a Material Definitive Agreement
On August 21, 2008, Hanesbrands Inc. (Hanesbrands) entered into (1) a Second Amendment (the
Second Amendment) to the First Lien Credit Agreement dated as of September 5, 2006 among
Hanesbrands, the various financial institutions and other persons from time to time party thereto,
HSBC Bank USA, National Association and LaSalle Bank National
Association and Barclays Bank PLC, as the
co-documentation agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley
Senior Funding, Inc., as the co-syndication agents, Citicorp USA,
Inc., as the administrative agent,
Citibank, N.A., as the collateral agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley Senior Funding, Inc., as the joint lead arrangers and joint bookrunners (the Senior
Secured Credit Facility), and (2) a First Amendment (the First Amendment and, together with the
Second Amendment, the Amendments) to the Second Lien
Credit Agreement dated as of September 5, 2006
among HBI Branded Apparel Limited, Inc., Hanesbrands, the various financial institutions and other
persons from time to time party thereto, HSBC Bank USA, National Association and LaSalle Bank
National Association and Barclays Bank PLC, as the co-documentation agents, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the co-syndication agents,
Citicorp USA, Inc., as the administrative agent, Citibank, N.A., as the collateral agent, and Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the joint
lead arrangers and joint bookrunners (the Second Lien Credit Facility and, together with the
Senior Secured Credit Facility, the Credit Facilities).
Pursuant to the Second Amendment and the First Amendment, the amount of unsecured indebtedness
which Hanesbrands and its subsidiaries that are obligors pursuant to the Senior Secured Credit
Facility and the Second Lien Credit Facility, respectively, may incur under senior notes was
increased from $500 million to $1 billion. The provisions of the Credit Facilities that require
the proceeds of the issuance of any such notes be applied to repay amounts due with respect to the
Credit Facilities, and specify how any such proceeds will be applied, remain unchanged.
From time to time, the financial institutions party to the Credit Facilities or their
affiliates have performed, and may in the future perform, various commercial banking, investment
banking and other financial advisory services for Hanesbrands and its affiliates for which they
have received, and will receive, customary fees and expenses. HSBC Bank USA, National Association
or its affiliates act as managing agents and committed purchasers under Hanesbrands accounts
receivable securitization facility and other participants in that facility may act as lenders under
the Credit Facilities.
Item 9.01. Financial Statements and Exhibits
|
|
|
Exhibit |
|
|
No. |
|
Description |
|
|
|
10.1
|
|
Second Amendment dated
August 21, 2008 to the First Lien Credit Agreement dated as of
September 5, 2006 among Hanesbrands Inc., the various financial institutions and other persons
from time to time party thereto, HSBC Bank USA, National Association
and
LaSalle Bank National
Association and Barclays Bank PLC, as the co-documentation agents, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the co-syndication
agents, Citicorp USA, Inc., as the administrative agent, Citibank, N.A., as the collateral
agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior
Funding, Inc., as the joint lead arrangers and joint bookrunners. |
|
|
|
10.2
|
|
First Amendment dated
August 21, 2008 to the Second Lien Credit Agreement dated as of September 5,
2006 among HBI Branded Apparel Limited, Inc., Hanesbrands Inc., the various financial
institutions and other persons from time to time party thereto, HSBC Bank USA, National
Association and LaSalle Bank National Association and Barclays Bank
PLC, as the co-documentation
agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding,
Inc., as the co-syndication agents, Citicorp USA, Inc., as the administrative agent,
Citibank, N.A., as the collateral agent, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley Senior Funding, Inc., as the joint lead arrangers and
joint bookrunners. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
August 27, 2008 |
HANESBRANDS INC.
|
|
|
By: |
/s/ E. Lee Wyatt Jr.
|
|
|
|
E. Lee Wyatt Jr. |
|
|
|
Executive Vice President, Chief
Financial Officer |
|
|
Exhibits
|
|
|
Exhibit No. |
|
Description |
|
|
|
10.1
|
|
Second Amendment dated
August 21, 2008 to the First Lien Credit Agreement dated as of
September 5, 2006 among Hanesbrands Inc., the various financial institutions and other persons
from time to time party thereto, HSBC Bank USA, National
Association,and
LaSalle Bank National
Association and Barclays Bank PLC, as the co-documentation agents, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the co-syndication
agents, Citicorp USA, Inc., as the administrative agent, Citibank, N.A., as the collateral
agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior
Funding, Inc., as the joint lead arrangers and joint bookrunners. |
|
|
|
10.2
|
|
First Amendment dated
August 21, 2008 to the Second Lien Credit Agreement dated as of September 5,
2006 among HBI Branded Apparel Limited, Inc., Hanesbrands Inc., the various financial
institutions and other persons from time to time party thereto, HSBC Bank USA, National
Association and LaSalle Bank National Association and Barclays Bank
PLC, as the co-documentation
agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding,
Inc., as the co-syndication agents, Citicorp USA, Inc., as the administrative agent, Citibank,
N.A., as the collateral agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley Senior Funding, Inc., as the joint lead arrangers and joint bookrunners. |
Exhibit 10.1
Exhibit 10.1
Execution Copy
Second Amendment to First Lien Credit Agreement
This Second Amendment, dated as of August 21, 2008 (this Amendment), to that certain First
Lien Credit Agreement, dated as of September 5, 2006 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the First Lien Credit Agreement), among
Hanesbrands Inc., a Maryland corporation (the Borrower), the various financial institutions and
other persons from time to time party thereto (the Lenders), HSBC Bank USA, National Association
and LaSalle Bank National Association and Barclays Bank PLC, as Co-Documentation Agents, Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the
Co-Syndication Agents, Citicorp USA, Inc., as administrative agent (in such capacity, the
"Administrative Agent), Citibank, N.A., as the collateral agent (in such capacity, the Collateral
Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding,
Inc., as the Joint Lead Arrangers and Joint Bookrunners, as amended by the First Amendment, dated
as of February 22, 2007 (the First Amendment), among the Borrower and the Lenders party thereto.
Capitalized terms used herein but not defined herein are used as defined in the First Lien Credit
Agreement.
W i t n e s s e t h:
Whereas, the Borrower has requested that the Lenders amend the First Lien Credit
Agreement as set forth herein to increase the unsecured Indebtedness debt basket to provide
additional flexibility for the Borrower;
Whereas, the Lenders signatory to an acknowledgment and consent to amendment in the
form attached as Exhibit A hereto (an Acknowledgment and Consent to Amendment) and the
Administrative Agent have consented to this Amendment on the terms and subject to the conditions
herein provided.
Now, Therefore, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the adequacy and receipt of
which is hereby acknowledged, and in reliance upon the representations, warranties and covenants
herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1. Amendment.
(a) As of the Second Amendment Effective Date (as defined below), the Administrative Agent (on
behalf of the Required Lenders), the Borrower and the Lenders hereby agree that the First Lien
Credit Agreement shall be amended as set forth below:
(i) Section 1.1 (Defined Terms) of the First Lien Credit Agreement is hereby amended
by inserting the following definitions in the appropriate alphabetical order:
Second Amendment means the Second Amendment to this Agreement, dated as of August
21, 2008 by and among the Borrower, the Administrative Agent and the Subsidiary Guarantors.
Second Amendment Effective Date means the Second Amendment Effective Date as defined
in the Second Amendment.
(ii) The definition of Loan Documents in Section 1.1 (Defined Terms) of the First
Lien Credit Agreement is hereby amended and restated in its entirety as follows:
Loan Documents means, collectively, this Agreement, the First Amendment, the Second
Amendment, the Notes, the Letters of Credit, each Rate Protection Agreement, the Fee Letter, the
Intercreditor Agreement, the Security Agreement, each Mortgage, each Foreign Pledge Agreement, each
other agreement pursuant to which the Collateral Agent is granted by the Borrower or its
Subsidiaries a Lien to secure the Obligations, the Guaranty and each other agreement, certificate,
document or instrument delivered in connection with any Loan Document, whether or not specifically
mentioned herein or therein.
(iii) Section 7.2.2(b) is hereby amended and restated in its entirety as follows:
(b) unsecured Indebtedness of the Obligors (i) under the Senior Note Documents and the Bridge
Loan Documents in an aggregate principal amount not to exceed $500,000,000, as such amount is
reduced on or after the Closing Date in accordance with the terms hereof and (ii) under senior
notes whether issued pursuant to a supplement to the Senior Note Indenture or any other senior note
indenture, the terms of which are reasonably satisfactory to the Administrative Agent, so long as
(x) the aggregate principal amount thereunder does not exceed $1,000,000,000 and (y) the proceeds
therefore are applied to repay Loans in accordance with clause (h) of Section 3.1.1;
(iv) The introductory paragraph to Section 10.3 is hereby amended by deleting the words
Mayer, Brown, Rowe & Maw LLP,.
Section 2. Conditions Precedent. This Amendment shall become effective as of the date
(the Second Amendment Effective Date) on which each of the following conditions precedent shall
have been satisfied or duly waived:
(a) Certain Documents. The Administrative Agent shall have received each of the following:
(i) this Amendment, duly executed by the Borrower, each Subsidiary Guarantor and the
Administrative Agent; and
(ii) an Acknowledgment and Consent to Amendment, in the form set forth hereto as Exhibit A,
duly executed by the Required Lenders.
(b) Payment of Costs and Expenses. The Administrative Agent and the Lenders shall have
received payment of all fees and reasonable out-of-pocket costs and expenses as required by Section
4 hereof.
(c) Representations and Warranties. Each of the representations and warranties contained in
Section 3 below shall be true and correct.
Section 3. Representations and Warranties. The Borrower and each Subsidiary Guarantor
hereby represents and warrants to the Administrative Agent and each Lender, as follows:
2
(a) After giving effect to this Amendment, each of the representations and warranties in the
First Lien Credit Agreement and in the other Loan Documents are true and correct in all material
respects (except to the extent that such representation or warranty is qualified as to materiality,
in which case it shall be true and correct in all respects) on and as of the date hereof as though
made on and as of such date, except to the extent that any such representation or warranty
expressly relates to an earlier date, in which case such representation or warranty shall be true
and correct in all material respects (except to the extent that such representation or warranty is
qualified as to materiality, in which case it shall be true and correct in all respects) as of such
earlier date;
(b) The Borrower and each Subsidiary Guarantor has taken all necessary action to authorize the
execution, delivery and performance of this Amendment, this Amendment has been duly executed and
delivered by the Borrower and each Subsidiary Guarantor, and this Amendment is the legal, valid and
binding obligation of the Borrower and each Subsidiary Guarantor, enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors
rights generally and by general equitable principles; and
(c) At the time of and immediately after giving effect to this Amendment, no Default or Event
of Default has occurred and is continuing.
Section 4. Costs and Expenses. The Borrower agrees to reimburse the Administrative
Agent for its costs and expenses in connection with this Amendment (and any other Loan Documents
delivered in connection herewith) as and to the extent provided in Section 10.3(a) (as amended
hereby) of the First Lien Credit Agreement.
Section 5. Reference to and Effect on the Loan Documents.
(a) As of the Effective Date, each reference in the First Lien Credit Agreement and the other
Loan Documents to this Agreement, hereunder, hereof, herein, or words of like import, and
each reference in the other Loan Documents to the First Lien Credit Agreement (including, without
limitation, by means of words like thereunder, thereof and words of like import), shall mean
and be a reference to the First Lien Credit Agreement as amended and as waived hereby with respect
to the certain requirements outlined above, and this Amendment and the First Lien Credit Agreement
shall be read together and construed as a single instrument.
(b) Except as expressly amended hereby, all of the terms and provisions of the First Lien
Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are
hereby ratified and confirmed.
(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent, any
Lender or any Issuer under the First Lien Credit Agreement or any Loan Document, or constitute a
waiver or amendment of any other provision of the First Lien Credit Agreement or any Loan Document
(as amended hereby) except as and to the extent expressly set forth herein.
(d) Each of the Borrower and (by its acknowledgment hereof as set forth on the signature pages
hereto) each Subsidiary Guarantor, hereby confirms that the guaranties, security interests and
liens granted pursuant to the Loan Documents (as amended hereby) continue to
3
guarantee and secure the Obligations as set forth in the Loan Documents (as amended hereby)
and that such guaranties, security interests and liens remain in full force and effect.
Section 6. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same
agreement. Receipt by the Administrative Agent of a facsimile (or other electronic transmission)
copy of an executed signature page hereof shall constitute receipt by the Administrative Agent of
an executed counterpart of this Amendment.
Section 7. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.
Section 8. Loan Document and Integration. This Amendment is a Loan Document, and
together with the other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement of the parties
hereto with respect to the subject matter hereof.
Section 9. Headings. Section headings contained in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purposes.
Section 10. Waiver of Jury Trial. Each Of The Parties Hereto Irrevocably Waives
Trial By Jury In Any Action Or Proceeding With Respect To This Amendment Or Any Other Loan
Document.
[Signature Pages Follow]
4
In Witness Whereof, the parties hereto have caused this Amendment to be executed by
their respective officers and members thereunto duly authorized, as of the date indicated above.
|
|
|
|
|
|
Hanesbrands Inc.
as Borrower
|
|
|
By: |
/s/ Richard D. Moss
|
|
|
|
Name: |
Richard D. Moss |
|
|
|
Title: |
Senior Vice President and Treasurer |
|
|
|
|
|
|
|
|
Citicorp USA, Inc.,
as Administrative Agent
|
|
|
By: |
/s/ David Leland
|
|
|
|
Name: |
David Leland |
|
|
|
Title: |
Vice President |
|
|
[Signature Page Second Amendment to First Lien Credit Agreement]
For the purposes of Sections 3 and 5(d) hereof, each Subsidiary Guarantor set forth below (i)
makes the representations set forth in Section 3 hereof on the Effective Date and (ii) hereby
consents to this Amendment and confirms that all guaranties, security interest and Liens granted by
it, and all its other obligations, pursuant to the Loan Documents (as amended hereby) remain in
full force and effect.
BA International, L.L.C.
Caribesock, Inc.
Caribetex, Inc.
Casa International, LLC
Ceibena Del, Inc.
Hanes Menswear, LLC
Hanes Puerto Rico, Inc.
Hanesbrands Direct, LLC
Hanesbrands Distribution, Inc.
HBI Branded Apparel Enterprises, LLC
HBI Branded Apparel Limited, Inc.
HBI International, LLC
HBI Sourcing, LLC
Inner Self LLC
Jasper-Costa Rica, L.L.C.
Playtex Dorado, LLC
Playtex Industries, Inc.
Seamless Textiles, LLC
UPCR, Inc.
UPEL, Inc.
|
|
|
|
|
|
|
|
|
By: |
/s/ Richard D. Moss
|
|
|
|
Name: |
Richard D. Moss |
|
|
|
Title: |
Treasurer |
|
|
[Signature Page Second Amendment to First Lien Credit Agreement]
Acknowledgement and Consent to Amendment
|
|
|
To:
|
|
Citicorp USA, Inc., as Administrative Agent |
|
|
388 Greenwich Street |
|
|
New York, New York 10013 |
|
|
|
|
|
Attention: [ ] |
Re: Hanesbrands Inc.
Reference is made to that certain First Lien Credit Agreement, dated as of September 5, 2006
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the
"First Lien Credit Agreement), among Hanesbrands Inc., a Maryland corporation (the Borrower),
the various financial institutions and other persons from time to time party thereto (the
"Lenders), HSBC Bank USA, National Association and LaSalle Bank National Association and Barclays
Bank PLC, as Co-Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley Senior Funding, Inc., as the Co-Syndication Agents, Citicorp USA, Inc., as administrative
agent (in such capacity, the Administrative Agent), Citibank, N.A., as the collateral agent (in
such capacity, the Collateral Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley Senior Funding, Inc., as the Joint Lead Arrangers and Joint Bookrunners, as amended
by the First Amendment, dated as of February 22, 2007, among the Borrower and the Lenders party
thereto. Capitalized terms used herein but not defined herein are used as defined in the First
Lien Credit Agreement.
The Borrower has requested that the Lenders consent to an amendment to the First Lien Credit
Agreement on the terms described in the Second Amendment (the Amendment), the form of which is
attached hereto.
Pursuant to Section 10.1 of the First Lien Credit Agreement, the undersigned Lender hereby
consents to the terms of the Amendment and authorizes the Administrative Agent to execute and
deliver the Amendment on its behalf.
|
|
|
|
|
|
|
|
|
Very truly yours, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Lender |
|
|
|
|
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
|
|
Title: |
|
|
Dated as of , 2008
[Lender Acknowledgment to Second Amendment to First Lien Credit Agreement]
Exhibit 10.2
Exhibit 10.2
Execution Copy
First Amendment to Second Lien Credit Agreement
This First Amendment, dated as of August 21, 2008 (this Amendment), to that certain Second
Lien Credit Agreement, dated as of September 5, 2006 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the Second Lien Credit Agreement), among
HBI Branded Apparel Limited, Inc., a Delaware corporation (the Borrower), Hanesbrands Inc., a
Maryland corporation (the Company), the various financial institutions and other persons from
time to time party thereto (the Lenders), HSBC Bank USA, National Association and LaSalle Bank
National Association and Barclays Bank PLC, as Co-Documentation Agents, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the Co-Syndication Agents,
Citicorp USA, Inc., as administrative agent (in such capacity, the Administrative Agent),
Citibank, N.A., as the collateral agent (in such capacity, the Collateral Agent) and Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as the Joint
Lead Arrangers and Joint Bookrunners. Capitalized terms used herein but not defined herein are
used as defined in the Second Lien Credit Agreement.
W i t n e s s e t h:
Whereas, the Borrower has requested that the Lenders amend the Second Lien Credit
Agreement as set forth herein to increase the unsecured Indebtedness debt basket to provide
additional flexibility for the Borrower;
Whereas, the Lenders signatory to an acknowledgment and consent to amendment in the
form attached as Exhibit A hereto (an Acknowledgment and Consent to Amendment) and the
Administrative Agent have consented to this Amendment on the terms and subject to the conditions
herein provided.
Now, Therefore, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the adequacy and receipt of
which is hereby acknowledged, and in reliance upon the representations, warranties and covenants
herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1. Amendment.
(a) As of the First Amendment Effective Date (as defined below), the Administrative Agent (on
behalf of the Required Lenders), the Borrower, the Company and the Lenders hereby agree that the
Second Lien Credit Agreement shall be amended as set forth below:
(i) Section 1.1 (Defined Terms) of the Second Lien Credit Agreement is hereby amended
by inserting the following definitions in the appropriate alphabetical order:
First Amendment means the First Amendment to this Agreement, dated as of August 21,
2008 by and among the Borrower, the Company, the Administrative Agent and the Subsidiary
Guarantors.
First Amendment Effective Date means the First Amendment Effective Date as defined
in the First Amendment.
(ii) The definition of Loan Documents in Section 1.1 (Defined Terms) of the Second
Lien Credit Agreement is hereby amended and restated in its entirety as follows:
Loan Documents means, collectively, this Agreement, the First Amendment, the Notes,
the Fee Letter, the Intercreditor Agreement, the Security Agreement, each Mortgage, each Foreign
Pledge Agreement, each other agreement pursuant to which the Collateral Agent is granted by the
Borrower or its Subsidiaries a Lien to secure the Obligations, the Guaranty and each other
agreement, certificate, document or instrument delivered in connection with any Loan Document,
whether or not specifically mentioned herein or therein.
(iii) Section 7.2.2(b) is hereby amended and restated in its entirety as follows:
(b) unsecured Indebtedness of the Obligors (i) under the Senior Note Documents and the Bridge
Loan Documents in an aggregate principal amount not to exceed $500,000,000, as such amount is
reduced on or after the Closing Date in accordance with the terms hereof and (ii) under senior
notes whether issued pursuant to a supplement to the Senior Note Indenture or any other senior note
indenture, the terms of which are reasonably satisfactory to the Administrative Agent, so long as
(x) the aggregate principal amount thereunder does not exceed $1,000,000,000 and (y) the proceeds
therefore are applied to repay Loans in accordance with clause (f) of Section 3.1.1;
(iv) The introductory paragraph to Section 10.3 is hereby amended by deleting the words
Mayer, Brown, Rowe & Maw LLP,.
Section 2. Conditions Precedent. This Amendment shall become effective as of the
date (the First Amendment Effective Date) on which each of the following conditions precedent
shall have been satisfied or duly waived:
(a) Certain Documents. The Administrative Agent shall have received each of the following:
(i) this Amendment, duly executed by the Borrower, the Company, each Subsidiary Guarantor and
the Administrative Agent; and
(ii) an Acknowledgment and Consent to Amendment, in the form set forth hereto as Exhibit A,
duly executed by the Required Lenders.
(b) Payment of Costs and Expenses. The Administrative Agent and the Lenders shall have
received payment of all fees and reasonable out-of-pocket costs and expenses as required by Section
4 hereof.
(c) Representations and Warranties. Each of the representations and warranties contained in
Section 3 below shall be true and correct.
Section 3. Representations and Warranties. The Borrower, the Company and each
Subsidiary Guarantor hereby represents and warrants to the Administrative Agent and each Lender, as
follows:
(a) After giving effect to this Amendment, each of the representations and warranties in the
Second Lien Credit Agreement and in the other Loan Documents are true and correct in all
2
material respects (except to the extent that such representation or warranty is qualified as
to materiality, in which case it shall be true and correct in all respects) on and as of the date
hereof as though made on and as of such date, except to the extent that any such representation or
warranty expressly relates to an earlier date, in which case such representation or warranty shall
be true and correct in all material respects (except to the extent that such representation or
warranty is qualified as to materiality, in which case it shall be true and correct in all
respects) as of such earlier date;
(b) The Borrower, the Company and each Subsidiary Guarantor has taken all necessary action to
authorize the execution, delivery and performance of this Amendment, this Amendment has been duly
executed and delivered by the Borrower, the Company and each Subsidiary Guarantor, and this
Amendment is the legal, valid and binding obligation of the Borrower, the Company and each
Subsidiary Guarantor, enforceable against it in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors rights generally and by general equitable principles; and
(c) At the time of and immediately after giving effect to this Amendment, no Default or Event
of Default has occurred and is continuing.
Section 4. Costs and Expenses. The Borrower agrees to reimburse the Administrative
Agent for its costs and expenses in connection with this Amendment (and any other Loan Documents
delivered in connection herewith) as and to the extent provided in Section 10.3(a) (as amended
hereby) of the Second Lien Credit Agreement.
Section 5. Reference to and Effect on the Loan Documents.
(a) As of the Effective Date, each reference in the Second Lien Credit Agreement and the other
Loan Documents to this Agreement, hereunder, hereof, herein, or words of like import, and
each reference in the other Loan Documents to the Second Lien Credit Agreement (including, without
limitation, by means of words like thereunder, thereof and words of like import), shall mean
and be a reference to the Second Lien Credit Agreement as amended and as waived hereby with respect
to the certain requirements outlined above, and this Amendment and the Second Lien Credit Agreement
shall be read together and construed as a single instrument.
(b) Except as expressly amended hereby, all of the terms and provisions of the Second Lien
Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are
hereby ratified and confirmed.
(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent, any
Lender or any Issuer under the Second Lien Credit Agreement or any Loan Document, or constitute a
waiver or amendment of any other provision of the Second Lien Credit Agreement or any Loan Document
(as amended hereby) except as and to the extent expressly set forth herein.
(d) Each of the Borrower, the Company and (by its acknowledgment hereof as set forth on the
signature pages hereto) each Subsidiary Guarantor, hereby confirms that the guaranties, security
interests and liens granted pursuant to the Loan Documents (as amended
3
hereby) continue to guarantee and secure the Obligations as set forth in the Loan Documents
(as amended hereby) and that such guaranties, security interests and liens remain in full force and
effect.
Section 6. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement. Receipt by the Administrative Agent of a facsimile (or other electronic
transmission) copy of an executed signature page hereof shall constitute receipt by the
Administrative Agent of an executed counterpart of this Amendment.
Section 7. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.
Section 8. Loan Document and Integration. This Amendment is a Loan Document, and
together with the other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement of the parties
hereto with respect to the subject matter hereof.
Section 9. Headings. Section headings contained in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any
other purposes.
Section 10. Waiver of Jury Trial. Each Of The Parties Hereto Irrevocably Waives
Trial By Jury In Any Action Or Proceeding With Respect To This Amendment Or Any Other Loan
Document.
[Signature Pages Follow]
4
In Witness Whereof, the parties hereto have caused this Amendment to be executed by
their respective officers and members thereunto duly authorized, as of the date indicated above.
|
|
|
|
|
|
HBI Branded Apparel Limited, Inc.
as Borrower
|
|
|
By: |
/s/ Catherine A. Meeker
|
|
|
|
Name: |
Catherine A. Meeker |
|
|
|
Title: |
Vice President and Secretary |
|
|
|
|
|
|
|
|
Hanesbrands Inc.
as Company
|
|
|
By: |
/s/ Richard D. Moss
|
|
|
|
Name: |
Richard D. Moss |
|
|
|
Title: |
Senior Vice President and Treasurer |
|
|
|
|
|
|
|
|
Citicorp USA, Inc.,
as Administrative Agent
|
|
|
By: |
/s/ David Leland
|
|
|
|
Name: |
David Leland |
|
|
|
Title: |
Vice President |
|
|
[Signature Page First Amendment to Second Lien Credit Agreement]
For the purposes of Sections 3 and 5(d) hereof, the Company and each Subsidiary Guarantor set
forth below (i) makes the representations set forth in Section 3 hereof on the Effective Date and
(ii) hereby consents to this Amendment and confirms that all guaranties, security interest and
Liens granted by it, and all its other obligations, pursuant to the Loan Documents (as amended
hereby) remain in full force and effect.
BA International, L.L.C.
Caribesock, Inc.
Caribetex, Inc.
Casa International, LLC
Ceibena Del, Inc.
Hanes Menswear, LLC
Hanes Puerto Rico, Inc.
Hanesbrands inc.
Hanesbrands Direct, LLC
Hanesbrands Distribution, Inc.
HBI Branded Apparel Enterprises, LLC
HBI International, LLC
HBI Sourcing, LLC
Inner Self LLC
Jasper-Costa Rica, L.L.C.
Playtex Dorado, LLC
Playtex Industries, Inc.
Seamless Textiles, LLC
UPCR, Inc.
UPEL, Inc.
|
|
|
|
|
|
|
|
|
By: |
/s/ Richard D. Moss
|
|
|
|
Name: |
Richard D. Moss |
|
|
|
Title: |
Treasurer |
|
|
[Signature Page First Amendment to Second Lien Credit Agreement]
Acknowledgement and Consent to Amendment
|
|
|
To:
|
|
Citicorp USA, Inc., as Administrative Agent |
|
|
388 Greenwich Street |
|
|
New York, New York 10013 |
|
|
|
|
|
Attention: [ ] |
Re: HBI Branded Apparel Limited, Inc. and Hanesbrands Inc.
Reference is made to that certain Second Lien Credit Agreement, dated as of September 5, 2006
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the
"Second Lien Credit Agreement), among HBI Branded Apparel Limited, Inc., a Delaware corporation
(the Borrower), Hanesbrands Inc., a Maryland corporation (the Company), the various financial
institutions and other persons from time to time party thereto (the Lenders), HSBC Bank USA,
National Association and LaSalle Bank National Association and Barclays Bank PLC, as
Co-Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley
Senior Funding, Inc., as the Co-Syndication Agents, Citicorp USA, Inc., as administrative agent (in
such capacity, the Administrative Agent), Citibank, N.A., as the collateral agent (in such
capacity, the Collateral Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley Senior Funding, Inc., as the Joint Lead Arrangers and Joint Bookrunners. Capitalized terms
used herein but not defined herein are used as defined in the Second Lien Credit Agreement.
The Borrower has requested that the Lenders consent to an amendment to the Second Lien Credit
Agreement on the terms described in the First Amendment (the Amendment), the form of which is
attached hereto.
Pursuant to Section 10.1 of the Second Lien Credit Agreement, the undersigned Lender hereby
consents to the terms of the Amendment and authorizes the Administrative Agent to execute and
deliver the Amendment on its behalf.
|
|
|
|
|
|
|
|
|
Very truly yours, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Lender |
|
|
|
|
|
|
|
|
|
|
|
By: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
|
|
Title: |
|
|
Dated as of , 2008
[Lender
Acknowledgment to First Amendment to Second Lien Credit Agreement]