Hanesbrands (HBI) Refinances Debt, Backs Sales Outlook

Hanesbrands Inc., (NYSE: HBI)(FREE stock trend analysis) a maker of bras and underwear, said it has completed a debt refinancing that allows it more financial flexibility to consider acquisitions.

The company used the proceeds of a $500m notes offering and funds from its $1.15b credit facilities to repay other debt. The company said its goal is to reduce debt by $300m in both 2009 and 2010, which would cut interest expense by $20m to $25m in 2010 and 2011.

Hanesbrands Inc. (HBI)(FREE stock trend analysis) is a consumer goods company with a portfolio of apparel brands, including Hanes, Champion, C9 by Champion, Playtex, Bali, L’eggs, Just My Size, barely there, Wonderbra, Stedman, Outer Banks, Zorba, Rinbros and Duofold.