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The well-known makers of bras and underwear, Hanesbrands; stated Thursday that it has finished a debt refinancing which will allow them more complaisant financially to consider acquisitions. The Associated Press reported that Hanesbrands used monies from a $500 million note offerings and funds from their $1.15 billion credit facilities to help to pay back other debt. The company’s overall goal is to minimize debt by $300 million in 2009 and 2010 so that there will be a decrease of interest expense by $20 million in 2010 and 2011. A statement given by Hanesbrands’ chief financial officer, E. Lee Wyatt, stated, “Our new debt structure is simpler and gives us greater flexibility to execute multiple strategies for earnings growth.” In prior actions, the company’s debt terms only permitted it to make acquisitions of $100 million annually, now it will allow target agreements in the amounts of $200 million to $300 million in spectrum. Hanesbrands will now be able to restart giving shareholders cash whether its through share repurchases or dividends. Hanesbrand is looking forward to a reaffirmation of an expected 5 percent bump in its net shelf space will be an addition of $200 million to sales in 2010, independent of consumer spending trends. Hanesbrands is stationed in Winston-Salem, N.C. they sell other brands such as Champion, Playtex, Wonderbra, and others.

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