HanesBrands to redeem remaining $147.06 million of floaters due 2014

By Ashley Montgomery

Kansas City, Kan., Sept. 18 - HanesBrands Inc. plans to redeem the remaining $147,055,000 of its floating-rate senior notes due 2014, according to a news release.

The notes will be redeemed on Oct. 17 at par plus accrued interest to the redemption date.

With this redemption, the company said it will reach its goal of roughly $300 million of floating-rate debt retirement for 2012. The company redeemed another $150 million of the floating-rate notes on July 12.

The company said its goal next year is to pay off its $500 million of 8% notes, reducing bond debt to about $1 billion.

"Our priority for use of free cash flow next year will continue to be the deleveraging of our balance sheet as we expect to prepay another $500 million of bond debt late in 2013," chief financial officer Richard Moss said in the release.

HanesBrands is a Winston Salem, N.C.-based clothing manufacturer.

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