Hanesbrands Inc. said late Monday it plans to sell $500 million in senior notes in a public offering and change an existing senior secured credit facility to allow for $1.15 billion in new credit.
The company, based in Winston-Salem, N.C., plans to use the proceeds from both transactions to refinance and repay outstanding debt as well as pay related fees. Hanesbrands sells bras, underwear, nylons and other items under brands such as Hanes, Champion, Playtex, Bali and Wonderbra.
Hanesbrands said the timing of the refinancing has not yet been determined but depends on factors including market conditions.
JPMorgan Securities Inc., Banc of America Securities LLC, HSBC Securities (USA) Inc. and Goldman Sachs & Co. are joint book-running managers of the notes offering. Barclays Capital Inc., RBC Capital Markets Corp. and BB&T Capital Markets are co-managers.
Hanesbrands shares rose 39 cents to $24.40 in late morning trading.