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): June 13, 2012

 

 

Hanesbrands Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland		001-32891		20-3552316
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
1000 East Hanes Mill Road Winston-Salem, NC				27105
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (336) 519-8080

 

 

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:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 8.01. Other Events

On June 13, 2012, Hanesbrands Inc. (“Hanesbrands”) delivered a notice of redemption to holders of its Floating Rate Senior Notes due 2014 (the “Floating Rate Notes”), issued pursuant to the indenture, dated as of December 14, 2006 (as amended and supplemented, the “Indenture”), by and among Hanesbrands, the subsidiary guarantors named therein, and Branch Banking and Trust Company, as trustee. The notice indicated that Hanesbrands intends to redeem $150 million aggregate principal amount of Floating Rate Notes on July 12, 2012 (the “Redemption Date”).

Such Floating Rate Notes will be redeemed at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest to, but not including, the Redemption Date in accordance with the provisions of the Indenture. Following the Redemption Date, $147,055,000 aggregate principal amount of Floating Rate Notes (inclusive of Floating Rate Notes previously repurchased by Hanesbrands but not retired) will remain outstanding.

Statements in this Current Report on Form 8-K that are not statements of historical fact, including those regarding our debt reduction plans, 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. Forward-looking statements are based on our current intent, beliefs, plans and expectations and involve risks and uncertainties that may cause actual results to differ materially from Hanesbrands’ historical experience and our present expectations or projections. These risks and uncertainties include the risks identified from time to time in Hanesbrands’ most recent Securities and Exchange Commission reports, including our 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. Any forward-looking statement speaks only as of the date on which such statement is made, and Hanesbrands does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Item 9.01. Financial Statements and Exhibits

 

(d)

Exhibits

 

Exhibit 99.1		Press release dated June 14, 2012

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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.

 

June 14, 2012				HANESBRANDS INC.
				By:		/s/ Joia M. Johnson
						Joia M. Johnson
						Chief Legal Officer, General Counsel and Corporate Secretary

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Exhibits

 

99.1		Press release dated June 14, 2012

Exhibit 99.1

HanesBrands

1000 East Hanes Mill Road

Winston-Salem, NC 27105

(336) 519-8080

 

				news release

FOR IMMEDIATE RELEASE

 

News Media, contact:		Matt Hall, (336) 519-3386
Analysts and Investors, contact:		Charlie Stack, (336) 519-4710

HANESBRANDS INITIATES FIRST HALF OF PLANNED $300 MILLION REDUCTION OF LONG-TERM DEBT IN 2012

Free Cash Flow Allows HanesBrands to Call for Redemption of $150 Million of Floating Rate Senior Notes Due 2014

WINSTON-SALEM, N.C. (June 14, 2012) – HanesBrands (NYSE: HBI) announced today that it intends to redeem in July $150 million of its Floating Rate Senior Notes due 2014 as part of plans to pay off its 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.

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HanesBrands Initiates First Half of Planned $300 Million Reduction of Long-Term Debt in 2012 – Page 2

Cautionary Statement Concerning Forward-Looking Statements

Statements in this press release that are not statements of historical fact, including those regarding the company’s debt-reduction plans, 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. Forward-looking statements are based on current intent, beliefs, plans and expectations and involve risks and uncertainties that may cause actual results to differ materially from HanesBrands’ historical experience and present expectations or projections. These risks and uncertainties include the risks identified from time to time in HanesBrands’ most recent Securities and Exchange Commission reports, including 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. Any forward-looking statement speaks only as of the date on which such statement is made, and HanesBrands does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

HanesBrands

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. 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. Ranked No. 512 on the Fortune 1000 list, Hanes has approximately 53,300 employees in more than 25 countries and takes pride in its strong reputation for ethical business practices. Hanes is a U.S. Environmental Protection Agency Energy Star 2012 Sustained Excellence Award winner and 2010 and 2011 Partner of the Year. The company ranks No. 152 on Newsweek magazine’s list of Top 500 greenest U.S. companies. 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.

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