HanesBrands (NYSE: HBI) today announced that it has initiated the
process to favorably amend its senior secured credit facility to take
advantage of credit market conditions and the company’s strong financial
performance and cash generation.
The company has begun discussions seeking to: increase the size, reduce
the rate and extend the maturity of each of its term loans; reduce the
rate and extend the maturity of its revolving credit facility; and
achieve other favorable credit agreement improvements to the entire
facility.
The company believes that amending its credit facility would enhance the
support of the business’ global growth model, including its
value-creating capital allocation strategy.
The company expects to complete its credit facility amendments by the
end of 2017 and will announce the new terms upon completion.
Cautionary Statement Concerning Forward-Looking Statements
Statements in this press release that are not statements of historical
fact are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including those regarding the proposed amendments to our
senior secured credit facility. These forward-looking statements are
based on our current intent, beliefs, plans and expectations. Readers
are cautioned not to place any undue reliance on any forward-looking
statements. Forward-looking statements necessarily involve risks and
uncertainties, many of which are outside of our control, that could
cause actual results to differ materially from such statements and from
our historical results and experience. These risks and uncertainties
include such things as: the highly competitive and evolving nature of
the industry in which we compete; any inadequacy, interruption,
integration failure or security failure with respect to our information
technology; significant fluctuations in foreign exchange rates; the
rapidly changing retail environment; our complex multinational tax
structure; our ability to properly manage strategic projects; our
ability to attract and retain a senior management team with the core
competencies needed to support our growth in global markets; risks
related to our international operations, including the impact to our
business as a result of the United Kingdom’s recent referendum to leave
the European Union; the impact of significant fluctuations and
volatility in various input costs, such as cotton and oil-related
materials, utilities, freight and wages; our ability to access
sufficient capital at reasonable rates or commercially reasonable terms
or to maintain sufficient liquidity in the amounts and at the times
needed; and other risks identified from time to time in our most recent
Securities and Exchange Commission reports, including our annual report
on Form 10-K and quarterly reports on Form 10-Q. Since it is not
possible to predict or identify all of the risks, uncertainties and
other factors that may affect future results, the above list should not
be considered a complete list. Any forward-looking statement speaks only
as of the date on which such statement is made, and HanesBrands
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, other than as required by law.
HanesBrands
HanesBrands is a socially responsible leading marketer of everyday basic
innerwear and activewear apparel in the Americas, Europe, Australia and
Asia-Pacific. The company markets T-shirts, bras, panties, shapewear,
underwear, socks, hosiery, and activewear under some of the world’s
strongest apparel brands, including Hanes, Champion, Maidenform,
DIM, Bali, Playtex, Bonds, JMS/Just My Size, Nur
Die/Nur Der, L’eggs, Lovable, Wonderbra, Berlei,
Alternative, and Gear for Sports. More information about the
company and its award-winning corporate social responsibility
initiatives may be found at www.Hanes.com/corporate.
Connect with HanesBrands via social media on Twitter (@HanesBrands)
and Facebook (www.facebook.com/hanesbrandsinc).
