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These excerpts taken from the HBI 10-K filed Feb 19, 2008. Second
Lien Credit Facility
The Second Lien Credit Facility provides for aggregate
borrowings of $450,000 by Hanesbrands’ wholly-owned
subsidiary, HBI Branded Apparel Limited, Inc. The Second Lien
Credit Facility is unconditionally guaranteed by Hanesbrands and
each entity guaranteeing the Senior Secured Credit Facility. The
Second Lien Credit Facility and the guarantees in respect
thereof are secured on a second-priority basis (subordinate only
to the Senior Secured Credit Facility and any permitted
additions thereto or refinancings thereof) by substantially all
of the assets that secure the Senior Secured Credit Facility.
Loans under the Second Lien Credit Facility bear interest in the
same manner as those under the Senior Secured Credit Facility,
subject to a margin of 2.75% for Base Rate loans and 3.75% for
LIBOR based loans. The Second Lien Credit Facility matures on
March 5, 2014, may not be prepaid prior to
September 5, 2007, and includes premiums for prepayment of
the loan prior to September 5, 2009 based upon timing of
the prepayments. The Second Lien Credit Facility will not
amortize and will be repaid in full on its maturity date. At
December 29, 2007 the interest rate on the Second Lien
Credit Facility was 8.82%. The Second Lien Credit Facility
requires the Company to comply with customary affirmative,
negative, and financial covenants, and includes customary events
of default. As of December 29, 2007, the Company was in
compliance with all covenants.
Second Lien Credit Facility The Second Lien Credit Facility provides for aggregate borrowings of $450,000 by Hanesbrands’ wholly-owned subsidiary, HBI Branded Apparel Limited, Inc. The Second Lien Credit Facility is unconditionally guaranteed by Hanesbrands and each entity guaranteeing the Senior Secured Credit Facility. The Second Lien Credit Facility and the guarantees in respect thereof are secured on a second-priority basis (subordinate only to the Senior Secured Credit Facility and any permitted additions thereto or refinancings thereof) by substantially all of the assets that secure the Senior Secured Credit Facility. Loans under the Second Lien Credit Facility bear interest in the same manner as those under the Senior Secured Credit Facility, subject to a margin of 2.75% for Base Rate loans and 3.75% for LIBOR based loans. The Second Lien Credit Facility matures on March 5, 2014, may not be prepaid prior to September 5, 2007, and includes premiums for prepayment of the loan prior to September 5, 2009 based upon timing of the prepayments. The Second Lien Credit Facility will not amortize and will be repaid in full on its maturity date. At December 29, 2007 the interest rate on the Second Lien Credit Facility was 8.82%. The Second Lien Credit Facility requires the Company to comply with customary affirmative, negative, and financial covenants, and includes customary events of default. As of December 29, 2007, the Company was in compliance with all covenants. This excerpt taken from the HBI 8-K filed Nov 29, 2006. Second
Lien Credit Facility
The Second Lien Credit Facility provides for aggregate
borrowings of $450 million by our wholly-owned subsidiary,
HBI Branded Apparel Limited, Inc. The Second Lien Credit
Facility is unconditionally guaranteed by us and each entity
guaranteeing the Senior Secured Credit Facility, subject to the
same exceptions and exclusions provided in the Senior Secured
Credit Facility. The Second Lien Credit Facility and the
guarantees in respect thereof are secured on a second-priority
basis (subordinate only to the Senior Secured Credit Facility
and any permitted additions thereto or refinancings thereof) by
substantially all of the assets that secure the Senior Secured
Credit Facility (subject to the same exceptions).
Loans under the Second Lien Credit Facility will bear interest
in the same manner as those under the Senior Secured Credit
Facility, subject to a margin of 2.75% for Base Rate loans and
3.75% for LIBOR based loans.
The Second Lien Credit Facility requires us to comply with
customary affirmative, negative and financial covenants and
includes customary events of default. The Second Lien Credit
Facility requires that we maintain a minimum interest coverage
ratio and a maximum total debt to EBITDA ratio. The interest
coverage covenant requires that the ratio of our EBITDA for the
preceding four fiscal quarters to our consolidated total
interest expense for such period shall not be less than 1.5 to 1
for each fiscal quarter ending after December 15, 2006. The
interest coverage ratio will increase over time until it reaches
2.5 to 1 for fiscal quarters ending after April 15, 2009.
The total debt covenant requires that the ratio of our total
debt to our EBITDA for the preceding four fiscal quarters will
not be more than 6 to 1 for each fiscal quarter ending after
December 15, 2006. This ratio will decline over time until
it reaches 3.75 to 1 for fiscal quarters ending after
October 15, 2009. The method of calculating all of the
components used in the covenants is included in the Second Lien
Credit Facility.
The Second Lien Credit Facility contains customary events of
default, including nonpayment of principal when due; nonpayment
of interest, fees or other amounts after stated grace period;
inaccuracy of representations and warranties; violations of
covenants; certain bankruptcies and liquidations; any
cross-default of more than $60 million; certain judgments
of more than $60 million; certain ERISA-related events; and
a change in control (as defined in the Second Lien Credit
Facility).
The Second Lien Credit Facility matures on March 5, 2014
and includes a penalty for prepayment of the loan prior to
September 5, 2009. The Second Lien Credit Facility will not
amortize and will be repaid in full on its maturity date.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Second
Lien Credit Facility
The Second Lien Credit Facility provides for aggregate
borrowings of $450 million by Hanesbrands’
wholly-owned subsidiary, HBI Branded Apparel Limited, Inc. The
Second Lien Credit Facility is unconditionally guaranteed by
Hanesbrands and each entity guaranteeing the Senior Secured
Credit Facility, subject to the same exceptions and exclusions
provided in the Senior Secured Credit Facility. The Second Lien
Credit Facility and the guarantees in respect thereof are
secured on a second-priority basis (subordinate only to the
Senior Secured Credit Facility and any permitted additions
thereto or refinancings thereof) by substantially all of the
assets that secure the Senior Secured Credit Facility (subject
to the same exceptions).
Loans under the Second Lien Credit Facility will bear interest
in the same manner as those under the Senior Secured Credit
Facility, subject to a margin of 2.75% for Base Rate loans and
3.75% for LIBOR based loans.
The Second Lien Credit Facility requires us to comply with
customary affirmative, negative and financial covenants. The
Second Lien Credit Facility requires that we maintain a minimum
interest coverage ratio and a maximum total debt to EBITDA
ratio. The interest coverage covenant requires that the ratio of
our EBITDA for the preceding four fiscal quarters to our
consolidated total interest expense for such period shall not be
less than 1.5 to 1 for each fiscal quarter ending after
December 15, 2006. The interest coverage ratio will
increase over time until it reaches 2.5 to 1 for fiscal quarters
ending after April 15, 2009. The total debt to EBITDA
covenant requires that the ratio of our total debt to our EBITDA
for the preceding four fiscal quarters will not be more than 6
to 1 for each fiscal quarter ending after December 15,
2006. This ratio will decline over time until it reaches 3.75 to
1 for fiscal quarters ending after October 15, 2009. The
method of calculating all of the components used in the
covenants is included in the Second Lien Credit Facility.
The Second Lien Credit Facility contains customary events of
default, including nonpayment of principal when due; nonpayment
of interest, fees or other amounts after stated grace period;
inaccuracy of representations and warranties; violations of
covenants; certain bankruptcies and liquidations; any
cross-default of more than $60 million; certain judgments
of more than $60 million; certain ERISA-related events; and
a change in control (as defined in the Second Lien Credit
Facility).
The Second Lien Credit Facility matures on March 5, 2014
and includes a penalty for prepayment of the loan prior to
September 5, 2009. The Second Lien Credit Facility will not
amortize and will be repaid in full on its maturity date.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Second
Lien Credit Facility
The Second Lien Credit Facility provides for aggregate
borrowings of $450 million by our wholly-owned subsidiary,
HBI Branded Apparel Limited, Inc. The Second Lien Credit
Facility is unconditionally guaranteed by us and each entity
guaranteeing the Senior Secured Credit Facility, subject to the
same exceptions and exclusions provided in the Senior Secured
Credit Facility. The Second Lien Credit Facility and the
guarantees in respect thereof are secured on a second-priority
basis (subordinate only to the Senior Secured Credit Facility
and any permitted additions thereto or refinancings thereof) by
substantially all of the assets that secure the Senior Secured
Credit Facility (subject to the same exceptions).
Loans under the Second Lien Credit Facility will bear interest
in the same manner as those under the Senior Secured Credit
Facility, subject to a margin of 2.75% for Base Rate loans and
3.75% for LIBOR based loans.
The Second Lien Credit Facility requires us to comply with
customary affirmative, negative and financial covenants and
includes customary events of default. The Second Lien Credit
Facility requires that we maintain a minimum interest coverage
ratio and a maximum total debt to EBITDA ratio. The interest
coverage covenant requires that the ratio of our EBITDA for the
preceding four fiscal quarters to our consolidated total
interest expense for such period shall not be less than 1.5 to 1
for each fiscal quarter ending after December 15, 2006. The
interest coverage ratio will increase over time until it reaches
2.5 to 1 for fiscal quarters ending after October 15, 2009.
The total debt covenant requires that the ratio of our total
debt to our EBITDA for the preceding four fiscal quarters will
not be more than 6 to 1 for each fiscal quarter ending after
December 15, 2006. This ratio will decline over time until
it reaches 3.75 to 1 for fiscal quarters ending after
October 15, 2009. The method of calculating all of the
components used in the covenants is included in the Second Lien
Credit Facility.
The Second Lien Credit Facility contains customary events of
default, including nonpayment of principal when due; nonpayment
of interest, fees or other amounts after stated grace period;
inaccuracy of representations and warranties; violations of
covenants; certain bankruptcies and liquidations; any
cross-default of more than $60 million; certain judgments
of more than $60 million; certain ERISA-related events; and
a change in control (as defined in the Second Lien Credit
Facility).
The Second Lien Credit Facility matures on March 5, 2014
and includes a penalty for prepayment of the loan prior to
September 5, 2009. The Second Lien Credit Facility will not
amortize and will be repaid in full on its maturity date.
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