08:52 AM EST, 11/21/2024 (MT Newswires) -- Gildan Activewear ( GIL ) said Thursday that it has priced a 700 million Canadian dollars ($501 million) private offering of senior unsecured notes, split into two series.

The Canadian apparel company said the first series of the inaugural offering totals C$500 million, maturing in 2029 with a 4.362% annual interest rate, payable semi-annually. The second series consists of C$200 million, maturing in 2031 with a 4.711% annual interest rate, also payable semi-annually, Gildan added.

The company said both series are being issued at par, with the first interest payments due on May 22, 2025.

Gildan said it plans to use the net proceeds from the offering, slated to close on Nov. 22, to repay existing debt and for general corporate purposes.

The notes, rated BBB with a stable outlook by DBRS, will rank equally with all current and future senior unsecured and unsubordinated debt of the company, Gildan said.

The offering is made through an agency syndicate, with BMO Capital Markets, CIBC Capital Markets, and Scotiabank as joint bookrunners, alongside other co-managers, the company added.