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This excerpt taken from the HBI 10-Q filed May 11, 2009. Interest
Expense, net
Interest expense, net was lower by $4 million in the first
quarter of 2009 compared to the first quarter of 2008. The lower
interest expense is primarily attributable to a lower weighted
average interest rate, $7 million of which resulted from a
lower London Interbank Offered Rate, or “LIBOR.” The
amendment of our Senior Secured Credit Facility, which increases
our interest-rate margin by 300 basis points, increased
interest expense in the first quarter of 2009 by
$3 million. Our weighted average interest rate on our
outstanding debt was 5.88% during the first quarter of 2009
compared to 6.69% in the first quarter of 2008.
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At April 4, 2009, we had outstanding interest rate hedging
arrangements whereby we have capped the interest rate on
$400 million of our floating rate debt at 3.50% and have
fixed the interest rate on $1.4 billion of our floating
rate debt at 4.16%. Approximately 79% of our total debt
outstanding at April 4, 2009 was at a fixed or capped LIBOR
rate.
This excerpt taken from the HBI 10-Q filed Aug 1, 2008. Interest
Expense, Net
Interest expense, net was lower by $25 million in the six
months of 2008 compared to 2007. The lower interest expense is
primarily attributable to a lower weighted average interest
rate, $16 million of which resulted from a lower LIBOR and
$3 million of which resulted from reduced interest rates
achieved through changes in our financing structure such as the
February 2007 amendment to our senior secured credit facility
and our accounts receivable securitization that we entered into
in November 2007. In addition, interest expense was reduced by
$6 million as a result of our net prepayments of long-term
debt during 2007 of $178 million. Our weighted average
interest rate on our outstanding debt was 6.35% during the six
months of 2008 compared to 7.87% in 2007.
This excerpt taken from the HBI 10-Q filed May 7, 2008. Interest
Expense, Net
Interest expense, net was lower by $11 million in the first
quarter of 2008 compared to 2007. The lower interest expense is
primarily attributable to a lower weighted average interest
rate, $6 million of which resulted from a lower LIBOR and
$2 million of which resulted from reduced interest rates
achieved through changes in our financing structure such as the
February 2007 amendment to our senior secured credit facility
and our accounts receivable securitization that we entered into
in November 2007. In addition, interest expense was reduced by
$3 million as a result of our net prepayments of long-term
debt during 2007 of $178 million. Our weighted average
interest rate on our outstanding debt was 6.69% during the first
quarter of 2008 compared to 7.89% in 2007.
These excerpts taken from the HBI 10-K filed Feb 19, 2008. Interest
Expense, net
Interest expense decreased year over year as a result of lower
average balances on borrowings from Sara Lee. Interest income
decreased significantly as a result of lower average cash
balances.
Interest Expense, net
Interest expense decreased year over year as a result of lower average balances on borrowings from Sara Lee. Interest income decreased significantly as a result of lower average cash balances. This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Interest
Expense, net
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Interest expense, net was higher in the nine month period in
2007 by $126 million compared to the same nine month period
in 2006 primarily as a result of the indebtedness incurred in
connection with the spin off from Sara Lee on September 5,
2006, consisting of $2.6 billion pursuant to a new senior
secured credit facility, a new senior secured second lien credit
facility and a bridge loan facility. In December 2006, we issued
$500 million of floating rate senior notes and the net
proceeds were used to repay the bridge loan facility. In
February 2007, we entered into a first amendment to our senior
secured credit facility with our lenders which primarily lowered
the applicable borrowing margin with respect to the Term B loan
facility from 2.25% to 1.75% on LIBOR based loans and from 1.25%
to 0.75% on Base Rate loans.
This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Interest
Expense, net
Interest expense, net was higher in the six month period in 2007
by $94 million compared to the same six month period in
2006 primarily as a result of the indebtedness incurred in
connection with the spin off from Sara Lee on September 5,
2006, consisting of $2.6 billion pursuant to a new senior
secured credit facility, a new senior secured second lien credit
facility and a bridge loan facility. In December 2006, we issued
$500 million of floating rate senior notes and the net
proceeds were used to repay the bridge loan facility. In
February 2007, we entered into a first amendment to our senior
secured credit facility with our lenders which primarily lowered
the applicable borrowing margin with respect to the Term B loan
facility from 2.25% to 1.75% on LIBOR based loans and from 1.25%
to 0.75% on Base Rate loans.
This excerpt taken from the HBI 10-Q filed May 14, 2007. Interest
Expense, net
Interest expense, net increased by $49 million in the first
quarter of 2007 compared to the same quarter in 2006 primarily
as a result of the indebtedness incurred in connection with the
spin off from Sara Lee on September 5, 2006, consisting of
$2.6 billion pursuant to a new senior secured credit
facility, a new senior secured second lien credit facility and a
bridge loan facility. In December 2006, we issued
$500 million of floating rate senior notes and the net
proceeds were used to repay the bridge loan facility. On
February 22, 2007, we entered into a first amendment to our
senior secured credit facility with our lenders which primarily
lowered the applicable borrowing margin with respect to the Term
B loan facility from 2.25% to 1.75% on LIBOR based loans and
from 1.25% to 0.75% on Base Rate loans.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Interest
Expense, net
In connection with the spin off, we incurred $2.6 billion
of debt pursuant to a new senior secured credit facility, a new
senior secured second lien credit facility and a bridge loan
facility, $2.4 billion of the proceeds of which was paid to
Sara Lee. As a result, our net interest expense in the quarter
ended September 30, 2006 was substantially higher than in
the comparable period in fiscal 2005.
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