Hanesbrands Inc. said Thursday morning that it would begin its plan to reduce its long-term debt. Starting in July, the innerwear and sportswear maker will redeem $150 million of its floating rate senior notes due 2014 as part of its plan to pay off roughly $300 million of floating-rate bond debt in 2012. The company said its redemption of the floating rate notes is consistent with its plans to use free cash flow in 2012 and 2013 to “significantly” reduce long-term debt and leverage. “Free cash flow is tracking to our plans, and we are taking the opportunity to begin the reduction of floating-rate debt a little earlier than originally planned this year,” said Hanesbrands chief financial officer Richard Moss. “We are using our strong capital structure and operating results to deleverage our balance sheet consistent with our strong free cash flow.” Hanesbrands said it plans to redeem $150 million aggregate principal amount of the floating rate notes on July 12, 2012, at a redemption price equal to 100 percent of the principal amount of the notes, including interest accrued and unpaid to the redemption date. Following the redemption date, up to $147,055,000 aggregate principal amount of floating rate notes will remain outstanding. In addition to expectations to pay off the approximately $300 million in floating rate notes in 2012, the company’s goal is to pay off its $500 million of 8 percent notes in 2013, reducing bond debt to approximately $1 billion. Late last month, Hanesbrands unveiled its restructuring strategy, which would shift its focus to its Champion business and namesake brand. In addition, Hanesbrands divested its Outer Banks brand, eliminated its private label business in the U.S. and sold its European screen print division. In April, the company posted a loss of $26.8 million, or 27 cents a share for the first quarter amid higher cotton costs, while sales for the period fell 2.7 percent to $1.01 billion.
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