Gildan Activewear announces private offering of C$700M senior unsecured notes

Gildan Activewear (GIL) has priced an inaugural offering of C$700 million aggregate principal amount of senior unsecured notes in two series, consisting of C$500 million aggregate principal amount of 4.362% senior unsecured notes, Series 1, due 2029 and C$200 million aggregate principal amount of 4.711% senior unsecured notes, Series 2, due 2031. The 2029 Notes will be issued at par and bear interest at a rate of 4.362% per annum, payable semi-annually until maturity on May 22 and November 22 of each year, commencing on May 22, 2025. The 2031 Notes will be issued at par and bear interest at a rate of 4.711% per annum, payable semi-annually until maturity on May 22 and November 22 of each year, commencing on May 22, 2025. 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. The Notes are being offered through an agency syndicate consisting of BMO Capital Markets, CIBC Capital Markets and Scotiabank, as joint bookrunners, along with J.P. Morgan, TD Securities, BofA Securities and RBC Capital Markets, as co-managers. The offering is expected to close on or about November 22, 2024, subject to customary closing conditions.