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Moody's rates Hanesbrands revolver Baa3
Moody's Investors Service said it affirmed Hanesbrands, Inc.'s Ba2 corporate family rating and maintained a positive outlook following its announcement that it entered into a definitive agreement to acquire Maidenform Brands, Inc. in an all-cash transaction that values Maidenform at about $575 million.
Moody's also assigned a Baa3 (LGD 2, 16%) rating to Hanesbrands new $1.1 billion five-year secured revolving credit facility.
According to a news release, the affirmation of Hanesbrands' ratings reflects the agency's positive view of the Maidenform acquisition, notwithstanding the temporary negative effect on credit metrics. The acquisition of Maidenform will significantly enhance Hanesbrands' existing position in the women's intimate business by adding the Maidenform and Flexees brands.
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