The US textile group Hanesbrands Inc. announced a comprehensive refinancing solution on Thursday. The parent company of the sportswear brand Champion was able to secure a new loan with a volume of 900 million US dollars (849 million euros). According to the company, the fresh funds, together with the proceeds from a bond issue completed in February, were used to prematurely redeem the corporate bonds due in 2024.
“We are pleased with the successful refinancing of our 2024 debt including the pricing, terms and composition of the prepaid debt,” said CEO Steve Bratspies in a statement. “We believe that having completed the refinancing, we now have the financial flexibility to continue investing in our ‘Full Potential’ growth strategy while focusing on cash flow and deleveraging.”
The implementation of the current plans, together with the “significant reduction in debt” will ensure increasing sales, earnings and shareholder value in the coming years, Bratspies emphasized.