HanesBrands Raises 2013 EPS Outlook
Company to Prepay Half of its $500 Million 8% Notes a Year Earlier Than Planned by Using Make-whole Provision
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HanesBrands%20Inc.<%2Fa>%20on%20November%2029%20announced%20that%20it%20will%20use%20its%20strong%20cash%20position%20to%20reduce%20long-term%20debt%20this%20year%20by%20another%20$250%20million%20and%20reduce%20interest%20expense%20in%202013%20by%20prepaying%20half%20of%20its%20$500%20million%20of%208%20percent%20senior%20notes,%20due%202016,%20a%20year%20earlier%20than%20originally%20anticipated.%0D%0A%0D%0Ahttps%3A%2F%2Fwww.printandpromomarketing.com%2Farticle%2Fhanesbrands-raises-2013-eps-outlook%2F" target="_blank" class="email" data-post-id="4986" type="icon_link">
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HanesBrands Inc. on November 29 announced that it will use its strong cash position to reduce long-term debt this year by another $250 million and reduce interest expense in 2013 by prepaying half of its $500 million of 8 percent senior notes, due 2016, a year earlier than originally anticipated.
The redemption of the bonds on December 27 will reduce the company’s total bond debt to $1.25 billion, and the company’s year-end long-term debt is expected to be less than 2.5 times earnings before interest, taxes, depreciation and amortization, a significant achievement in leverage reduction since the company’s 2006 spinoff.
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