Hanesbrands talks $500 million eight-year notes: fixed-rate at 8¼%-8½%, floaters at Libor plus 337.5-362.5 bps

By Paul A. Harris

St. Louis, Dec. 8 - Hanesbrands Inc. presented price talk on Friday for its $500 million two-part offering of eight-year senior notes (B2/expected B-), according to market sources.

The Winston-Salem, N.C.-based apparel company has talked a tranche of fixed-rate notes, which come with four years of call protection, at 8¼% to 8½%.

Meanwhile, Hanesbrands has talked a tranche of floating-rate notes at Libor plus 337.5 to 362.5 basis points.

Pricing is expected to take place on Monday.

Morgan Stanley and Merrill Lynch & Co. are joint bookrunners for the notes, which will be marketed via Rule 144A with registration rights and via Regulation S. ABN Amro, Barclays Capital, Citigroup and HSBC are the co-managers.

Proceeds will be used to refinance the company's bridge loan.

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