Business
Gildan Announces Private Offering of C$700 Million Senior Unsecured Notes
MONTREAL, March 12, 2025 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) (“...
About this update from Gildan Activewear Inc.
[{"type":"text","content":"Gildan Announces Private Offering of C$700 Million Senior Unsecured Notes\n\n\n\n MONTREAL, March 12, 2025 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or the “Company”) announced today that it has priced an offering of C$700 million aggregate principal amount of senior unsecured notes in three series (the “Notes”), consisting of C$150 million aggregate principal amount of floating rate senior unsecured notes, Series 3, due March 13, 2028 (the “2028 Floating Rate Notes”), C$200 million aggregate principal amount of 3.630% senior unsecured notes, Series 4, due March 13, 2028 (the “2028 Fixed Rate Notes”) and C$350 million aggregate principal amount of 4.149% senior unsecured notes, Series 5, due November 22, 2030 (the “2030 Fixed Rate Notes”).\n \n\n The 2028 Floating Rate Notes will be issued at par and bear interest at a rate equal to daily compounded CORRA plus 1.26% per annum, payable quarterly until maturity on March 13, June 13, September 13 and December 13 of each year, commencing on June 13, 2025. The 2028 Fixed Rate Notes will be issued at par and bear interest at a rate of 3.630% per annum, payable semi-annually until maturity on March 13 and September 13 of each year, commencing on September 13, 2025. The 2030 Fixed Rate Notes will be issued at $999.89 per $1,000 principal amount of 2030 Fixed Rate Notes and bear interest at a rate of 4.149% per annum, payable semi-annually (other than the first interest payment) until maturity on May 22 and November 22 of each year, commencing on November 22, 2025.\n \n\n The Company intends to use the net proceeds of the offering for the repayment of indebtedness outstanding under its credit facilities and other general corporate purposes.\n \n\n The Notes are being offered through an agency syndicate consisting of BMO Capital Markets, CIBC Capital Markets and TD Securities, as joint bookrunners, along with J.P. Morgan, BofA Securities, RBC Capital Markets and Scotiabank, as co-managers. The offering is expected to close on or about March 13, 2025, subject to customary closing conditions.\n \n\n The Notes will be senior unsecured obligations of the Company, will rank\n \n pari passu\n \n to all existing and future senior unsecured and unsu...