Hanesbrands guides €450 million eight-year senior notes with mid-to-high 3% yield

By Paul A. Harris

Portland, Ore., May 17 – Hanesbrands Inc. plans to begin a brief roadshow on Wednesday for a €450 million offering of non-callable eight-year senior notes (Ba1/expected BB), according to a market source.

The deal comes with initial price talk in the mid-to-high 3% yield context.

The roadshow wraps up on Thursday, the deal is expected to price thereafter.

Active bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S offering. BofA Merrill Lynch, HSBC and J.P. Morgan Securities LLC are the joint bookrunners.

The notes feature a 101% poison put.

The Winston Salem, N.C.-based marketer of everyday basic apparel plans to use the proceeds to finance the acquisitions of Champion Europe and Pacific Brands Ltd.

The euro-denominated offering comes just two week after the company priced $1.8 billion of non-callable senior notes (Ba2/BB) in two tranches, in a debt refinancing transaction on May 3.

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