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HanesBrands amends senior secured credit facility

American clothing company Hanesbrands Inc. said Dec. 15 that it amended its senior secured facility to enhance its long-term global growth and capital allocation strategies.

The credit facility increased to $2.25 billion from $1.92 billion and consists of a $1 billion revolving credit facility, a $750 million term loan A and a $500 million term loan B.

Interest rates for the revolver and the term loan A decreased 25 basis points and the rate for the term loan B decreased 75 basis points, the company said.

Hanesbrands said the amendment includes improvements to the amortization schedule of term loan A, maturity extensions for the revolver and term loans, agreement changes that include partial credit for cash in calculating leverage, and an increase of the maximum permitted total net leverage ratio to 4.5 times EBITDA with an allowable step up to 5 times for 12 months following a permitted acquisition.