HanesBrands Uses Stronger Credit Profile to Reduce Borrowing Costs of Revolving Loan Facility
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Under the terms of the amendment, Hanes' revolving loan facility borrowing rate at its current leverage ratio is LIBOR plus 225 basis points, down from 325 basis points, and its unused revolver fee is 35 basis points, down from 50 basis points. The borrowing rate would continue to decrease if the company's leverage ratio decreases. The revolver maturity has been extended to September 2016 with the provision that it will extend to July 2017 if the company redeems its 8 percent notes as planned next year.
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