Hanesbrands driving by with $600 million eight-year senior notes; initial talk 9½% area

By Paul A. Harris

Portland, Ore., Feb. 10 – Hanesbrands Inc. plans to price a $600 million offering of eight-year senior notes (B1/BB-) in a Friday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the 9½% area.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S notes come with three years of call protection.

The Winston-Salem, N.C.-based clothing company plans to use the proceeds plus a new term loan and cash on hand to redeem all outstanding 4 5/8% senior notes due 2024 and its 3½% senior notes due 2024.

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