Gildan Announces Private Offering of C$700 Million Senior Unsecured Notes

Core Viewpoint - Gildan Activewear Inc. has announced the pricing of a C$700 million offering of senior unsecured notes in three series, aimed at repaying existing debt and for general corporate purposes [1][3]. Group 1: Offering Details - The offering consists of C$150 million of floating rate senior unsecured notes due March 13, 2028, C$200 million of 3.630$350 million of 4.149% fixed rate senior unsecured notes due November 22, 2030 [1][2]. - The 2028 Floating Rate Notes will bear interest at a rate equal to daily compounded CORRA plus 1.26% per annum, payable quarterly starting June 13, 2025 [2]. - The 2028 Fixed Rate Notes will have a fixed interest rate of 3.630% per annum, payable semi-annually starting September 13, 2025 [2]. - The 2030 Fixed Rate Notes will be issued at $999.89 per$1,000 principal amount and will bear interest at 4.149% per annum, payable semi-annually starting November 22, 2025 [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for the repayment of indebtedness under credit facilities and for other general corporate purposes [3]. Group 3: Underwriting and Ratings - The offering is being managed by a syndicate of agencies including BMO Capital Markets, CIBC Capital Markets, and TD Securities as joint bookrunners, with additional co-managers [4]. - The Notes have been assigned a provisional rating of BBB with a stable trend by DBRS Limited [5]. Group 4: Company Overview - Gildan is a leading manufacturer of everyday basic apparel, including activewear, underwear, and socks, marketed under various brands [10]. - The company operates large-scale manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh, with a strong commitment to ESG practices [11].