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Moody’s rates Hanesbrands loans Baa3
Moody's Investors Service said it affirmed Hanesbrands Inc.'s corporate family rating at Ba1 and probability of default rating at Ba1-PD.
The agency also assigned Baa3 ratings to the company's proposed $1.75 billion secured credit facilities that will consist of a $1 billion revolver, $425 million term loan-A and a $325 million term loan B.
The outlook remains stable.
Proceeds from the proposed term loans will be primarily used to term out portions of the outstanding amounts under Hanesbrands' existing revolving credit facility, and place $200 million of cash on the balance sheet available to finance the working capital needs and general corporate purposes of the company.
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