HanesBrands Uses Stronger Credit Profile to Reduce Borrowing Costs of Revolving Loan Facility
HanesBrands, the apparel supplier based in Winston-Salem, N.C., announced today that it has negotiated an amendment to its revolving loan facility credit agreement that reduces borrowing costs and extends the revolver's maturity date.
The amendment, effective immediately, reduces the company's revolving loan facility borrowing rate by 100 basis points, reduces its unused revolver fee by 15 basis points, and extends the revolver's maturity initially to September 2016 and could eventually extend it to July 2017. Under the new terms, HanesBrands expects to save an annualized $2 million in revolver interest expense. In 2012, overall interest expense is expected to be $15 million lower than last year, resulting primarily from reduced long-term debt.
- Companies:
- Hanes Printables