06:25 AM EDT, 05/09/2024 (MT Newswires) -- Gildan Activewear ( GIL ) said Wednesday that it reached an agreement to issue 200 million Canadian dollars ($145.7 million) in aggregate principal amount of senior unsecured notes to Caisse de Depot et Placement du Quebec, or CDPQ, through a private placement in Canada.

The notes will mature five years from issuance and bear interest at 6% per annum.

Gildan expects to close the transaction on or around June 4 and said proceeds will be used to fund its common share repurchase program and repay maturing outstanding debt.