By Paul A. Harris
Portland, Ore., May 19 – Hanesbrands Inc. priced an upsized €500 million issue of eight-year senior notes (Ba1/BB) at par to yield 3½% on Thursday, according to a market source.
The yield printed at the tight end of the 3½% to 3¾% yield talk. Initial price talk was in the mid-to-high 3% yield context.
Active bookrunner Barclays will bill and deliver. BofA Merrill Lynch, HSBC and J.P. Morgan Securities LLC were the joint bookrunners.
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 weeks 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.
| Issuer: | Hanesbrands Finance Luxembourg SCA
|
| Amount: | €500 million, increased from €450 million
|
| Maturity: | June 15, 2024
|
| Securities: | Senior notes
|
| Active bookrunner: | Barclays (bill and deliver)
|
| Joint bookrunners: | BofA Merrill Lynch, HSBC, J.P. Morgan Securities LLC
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 357 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 19
|
| Settlement date: | June 3
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3½% to 3¾%
|
| Marketing: | Roadshow
|
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