Hanesbrands, Inc. -- Moody's affirms Hanes' ratings following plans to acquire Pacific Brands; Outlook Stable

New York, April 29, 2016 -- Moody's Investors Service ("Moody's") today affirmed Hanesbrands Inc.'s ("Hanes") Ba1 Corporate Family Rating ("CFR") and Ba1-PD Probability of Default Rating ("PDR") following the company's announcement that it had entered into a definitive agreement to acquire Pacific Brand Limited ("Pacific Brands") in a transaction valued at approximately $800 million. The company's SGL-2 Speculative Grade Liquidity rating ("SGL") was also affirmed. The outlook is stable. At the same time, Moody's affirmed Hanes' senior secured credit facilities at Baa3 and unsecured notes at Ba2. However, the acquisition funding has not yet been determined, so the current debt instrument ratings and LGD assessments are subject to change depending on the final proposed debt structure.

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