Gildan Activewear Raises $1.2 Billion through Senior Notes Offering

Gildan Activewear has priced a $1.2 billion senior notes offering to fund its acquisition of Hanesbrands. The offering consists of three tranches of notes with varying maturities and yields. Gildan plans to use the proceeds to fund the acquisition and for general corporate purposes.

Gildan Activewear Inc. has successfully priced a $1.2 billion aggregate principal amount of senior unsecured notes, with the proceeds earmarked to fund its acquisition of Hanesbrands Inc. The offering consists of two series: $600 million of 4.700% senior unsecured notes due October 7, 2030, and $600 million of 5.400% senior unsecured notes due October 7, 2035. The notes are senior unsecured obligations of the company, ranking equally with existing and future senior unsecured and unsubordinated indebtedness.

The company expects to use the net proceeds from the offering, along with cash on hand or other immediately available funds, to cover the cash portion of the consideration for the acquisition of Hanesbrands, the refinancing of Hanesbrands' existing indebtedness, and related transaction fees and expenses. The offering is expected to close on or about October 7, 2025, subject to customary closing conditions.

The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, or to certain persons outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This offering is a significant step in Gildan's strategic plan to acquire Hanesbrands, which includes plans for operational modernization and digital transformation. The long-term partnership with Infosys announced earlier this year is expected to enhance Hanesbrands' operational efficiency and data-driven decision-making capabilities Will Infosys Partnership and AI Push Redefine Hanesbrands' (HBI) Operational Narrative?^[2].