WINSTON-SALEM, N.C. (AP) -- HanesBrands Inc. said Tuesday that it will redeem the final $147.1 million of its floating rate senior notes that are due in 2014. The purchase will complete its planned retirement of approximately $300 million of floating-rate bond debt this year.
The clothing and underwear company, based in Winston-Salem, N.C., said that this is part of its broader plan to reduce its long-term debt and leverage. Next year, the company's goal is to pay off its $500 million of 8 percent notes, reducing bond debt to approximately $1 billion.
Hanes plans to redeem the floating rate notes on Oct. 17 at a price equal to the principal amount of the notes.
Shares of the company fell 65 cents, or 1.9 percent, to $32.92 in afternoon trading Tuesday. Its shares are down from a 52-week high of $34 set last Friday.