Hanesbrands talks $500 million offering of seven-year notes at 8¼%-8½% with 1-2 points OID

By Paul A. Harris

St. Louis, Dec. 2 - Hanesbrands Inc. talked its $500 million offering of seven-year senior unsecured notes (B1/B+) to yield 8¼% to 8½%, with 1 point to 2 points of original issue discount, an informed source said on Wednesday.

The order books closed late Wednesday afternoon. The deal is expected to price on Thursday morning.

J.P. Morgan Securities Inc., Bank of America Merrill Lynch, HSBC Securities and Goldman Sachs & Co. are joint bookrunners for the notes, which have been registered with the Securities and Exchange Commission.

Barclays Capital, BB&T Securities and RBC Capital Markets are the co-managers.

The notes come with four years of call protection.

Proceeds will be used to refinance bank debt.

The prospective issuer is a Winston Salem, N.C., marketer of everyday apparel essentials.

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