CREDIT DAYBOOK AMERICAS: Gildan Gets $2.3b of Financing for M&A

Gildan said it has obtained $2.3 billion of committed financing for its planned stock-and-cash acquisition of fellow basicwear maker Hanesbrands.

• The package entails a $1.2 billion bridge facility and $1.1 billion of term loans, Gildan said Wednesday morning
  • It also plans to refinance roughly $2 billion of Hanesbrands debt
• More borrowers are expected to tap the US investment-grade bond market Wednesday, extending post-CPI activity as yields and spreads fell slightly on Tuesday
  • Five issuers sold a combined $8.55 billion of bonds yesterday while bets that the Federal Reserve reduces rates by more than 25 basis points in September gained traction ...