Analyst Summary
- Gildan Activewear Inc. has entered into three supplemental trust indentures to create and issue new series of senior unsecured notes.
- Series 3 Notes: Floating Rate Senior Unsecured Notes due March 13, 2028, with interest based on Daily Compounded CORRA plus 1.26% per annum, payable quarterly. The initial amount authorized and issued is $150,000,000.
- Series 4 Notes: 3.630% Senior Unsecured Notes due March 13, 2028, with semi-annual interest payments. The initial amount authorized and issued is $200,000,000.
- Series 5 Notes: 4.149% Senior Unsecured Notes due November 22, 2030, with semi-annual interest payments. The initial amount authorized and issued is $350,000,000.
- All three series of notes rank equally with other notes and senior unsecured indebtedness of the Issuer and are guaranteed by the Guarantors.
- The Issuer has the option to redeem the Series 3 and 4 Notes, in whole or in part, prior to their maturity dates, at a redemption price based on the greater of par and a Canada Yield Price (or CORRA Yield Price for Series 3).
- Upon the occurrence of a Change of Control Triggering Event, the Issuer is required to offer to purchase all outstanding notes of each series at a price equal to 101% of the principal amount plus accrued and unpaid interest.