HanesBrands expected to bring benchmark notes offer via JP Morgan

By Paul A. Harris

Portland, Ore., April 7 – HanesBrands Inc. is expected to come to market with a benchmark offering of high-yield notes, according to a buyside source.

J.P. Morgan Securities LLC is expected to lead the deal.

The Winston Salem, N.C.-based marketer of everyday basic apparel plans to use the proceeds to refinance its 6 3/8% senior notes due Dec. 15, 2020 and possibly to help finance the acquisition of Champion Europe, which owns the trademark for the Champion brand in Europe, the Middle East and Africa.

The acquisition, which was announced on Thursday, is being undertaken in an all-cash transaction that is expected to close in the middle of this year.

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