Hanesbrands Inc. (NYSE:HBI) Files An 8-K Regulation FD DisclosureItem 7.01. Regulation FD Disclosure
On November 30, 2017, Hanesbrands Inc. (“HanesBrands”) issued a press release announcing that it is seeking to amend its existing senior secured credit facility (the “Senior Secured Credit Facility”). A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
HanesBrands intends to take advantage of its strong financial performance and cash flow generation, combined with the current favorable credit market environment, to seek to further enhance its long-term capital structure as well as further support its long-term growth model, including its value-creating capital allocation strategy. Therefore, in connection with the proposed amendments to the Senior Secured Credit Facility, HanesBrands has initiated the process to increase the size of its term loans by approximately $325 million; to reduce the rates and extend the maturities of its existing revolver and term loans; and to seek other favorable improvements to the Senior Secured Credit Facility. The proposed amendments to the Senior Secured Credit Facility are subject to definitive documentation and closing conditions, and there can be no assurance that the proposed amendments will be completed on the terms described above, or at all.
Cautionary Statement Concerning Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements, as defined under U.S. federal securities laws, with respect to the proposed amendments to the 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.
Item 7.01. Financial Statements and Exhibits
(d) Exhibits
|
Exhibit99.1 |
Press Release dated November 30, 2017
|
Hanesbrands Inc. ExhibitEX-99.1 2 hbi-2017x11x30xex991.htm PRESS RELEASE DATED NOVEMBER 30,…To view the full exhibit click here
About Hanesbrands Inc. (NYSE:HBI)
Hanesbrands Inc. is a manufacturer and marketer of apparels. The Company operates through four segments: Innerwear, Activewear, Direct to Consumer and International. The Company’s portfolio of brands includes Hanes, Champion, Maidenform, DIM, Playtex, Bali, JMS/Just My Size, Nur Die/Nur Der, L’eggs, Lovable, Wonderbra, Flexees, Lilyette and Gear for Sports. Its Hanes brand offers various products, including men’s, women’s and children’s underwear, bras, socks, T-shirts, fleece, shape wear and sheer hosiery. Its Champion brand offers athletic apparel, including sports bras, team uniforms, and gym essentials, such as T-shirts, mesh shorts and fleece hoodies. The Activewear segment sells basic branded products that are primarily seasonal in nature under the product categories of branded printwear and retail activewear, as well as licensed logo apparel. The Company also offers underwear, babywear and socks brand, Bonds, and sports bra brand Berlei.