By Paul A. Harris
Portland, Ore., April 30 – Hanesbrands Inc. priced an upsized $700 million issue of five-year senior notes (Ba3/BB) at par to yield 5 3/8% in a Thursday drive-by, according to market sources.
J.P. Morgan Securities LLC was the bookrunner.
The issue size increased from $500 million.
The yield printed at the tight end of yield talk in the 5½% area.
The Winston-Salem, N.C.-based clothing company plans to use the proceeds, including the additional proceeds resulting from the $200 million upsizing of the deal, to pay off its revolving credit facility and for general corporate purposes.
| Issuer: | Hanesbrands Inc.
|
| Amount: | $700 million, increased from $500 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Two years
|
| Trade date: | April 30
|
| Settlement date: | May 4
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% area
|
| Marketing: | Drive-by
|
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