By Paul A. Harris
St. Louis, Dec. 11 - Hanesbrands Inc. priced a restructured $500 million issue of eight-year senior floating-rate notes (B2/B-) at par to yield six-month Libor plus 337.5 basis points on Monday, according to an informed source.
The yield came tight to the Libor plus 337.5 to 362.5 bps price talk.
A proposed tranche of eight-year senior fixed-rate notes was abandoned.
Morgan Stanley and Merrill Lynch & Co. were joint bookrunners for the notes, which were issued via Rule 144A with registration rights and via Regulation S. ABN Amro, Barclays Capital, Citigroup and HSBC were the co-managers.
Proceeds will be used to refinance the company's bridge loan.
The issuer is a Winston-Salem, N.C.-based apparel company.
| Issuer: | Hanesbrands Inc.
|
| Amount: | $500 million
|
| Maturity: | Dec. 15, 2014
|
| Security description: | Senior floating-rate notes (fixed-rate tranche abandoned)
|
| Bookrunners: | Morgan Stanley, Merrill Lynch & Co.
|
| Co-managers: | ABN Amro, Barclays Capital, Citigroup, HSBC
|
| Coupon: | Six-month Libor plus 337.5 bps
|
| Price: | Par
|
| Yield: | Six-month Libor plus 337.5 bps
|
| Call features: | Callable on Dec. 15, 2008 at 102, 101, par on and after Dec. 15, 2010
|
| Equity clawback: | Until Dec. 15, 2008 for 35% at par plus applicable coupon
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights/Regulation S
|
| Price talk: | Libor plus 337.5 to 362.5 bps
|
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