HANESBRANDS INC. 8.00% Senior Notes due 2016 Underwriting Agreement
Exhibit 1.1
EXECUTION COPY
$500,000,000
8.00% Senior Notes due 2016
December 3, 2009
X.X. Xxxxxx Securities Inc.
As Representative of the
several Underwriters listed
in Schedule 1 hereto
several Underwriters listed
in Schedule 1 hereto
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
Hanesbrands Inc., a Maryland corporation (the “Company”), proposes to issue and sell to the
several Underwriters listed in Schedule 1 hereto (the “Underwriters”), for whom you are acting as
representative (the “Representative”), $500,000,000 principal amount of its 8.00% Senior Notes due
2016 (the “Securities”). The Securities will be issued pursuant to an Indenture dated as of August
1, 2008 (the “Base Indenture”), as supplemented by a Supplemental Indenture (herein so called) of
even date therewith (the Base Indenture, as supplemented, being called the “Indenture”) among the
Company, the guarantors listed in Schedule 2 hereto (the “Guarantors”) and Branch Banking and Trust
Company, as trustee (the “Trustee”), and will be guaranteed on an unsecured senior basis by each of
the Guarantors (the “Guarantees”). The Indenture is unlimited in aggregate principal amount,
although the issuance of Securities in this offering is limited to $500.0 million. The Company may
issue an unlimited principal amount of additional securities having identical terms and conditions
as the Securities (the “Additional Securities”). Any Additional Securities will be part of the
same series of the Securities that the Company is currently offering and holders of any Additional
Securities will vote on all matters with holders of the Securities.
The Company hereby confirms its agreement with the several Underwriters concerning the
purchase and sale of the Securities, as follows:
1. Registration Statement. The Company has prepared and filed with the Securities and Exchange Commission (the
“Commission”) under the Securities Act of 1933, as amended, and the rules and regulations of the
Commission thereunder (collectively, the “Securities Act”), a registration statement on Form S-3
(File No. 333-152733), including a prospectus, relating to the Securities. Such registration
statement, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the
Securities Act to be part of the registration statement at the time of its
effectiveness (“Rule 430 Information”), is referred to herein as the “Registration Statement”;
and as used herein, the term “Preliminary Prospectus” means the base prospectus included in such
registration statement (and any amendments thereto), the prospectus supplement
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filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act on November 30,
2009 and the prospectus included in the Registration Statement at the time of its effectiveness
that omits Rule 430 Information, and the term “Prospectus” means the prospectus in the form first
used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act)
in connection with confirmation of sales of the Securities. Any reference in this Agreement to
the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3
under the Securities Act, as of the effective date of the Registration Statement or the date of
such Preliminary Prospectus or the Prospectus, as the case may be and any reference to “amend”,
“amendment” or “supplement” with respect to the Registration Statement, any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include any documents filed after such date under
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder (collectively, the “Exchange Act”) that are deemed to be incorporated by reference
therein. Capitalized terms used but not defined herein shall have the meanings given to such terms
in the Registration Statement and the Prospectus.
At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the
Company had prepared the following information (collectively, the “Time of Sale Information”): a
Preliminary Prospectus dated November 30, 2009, and each “free-writing prospectus” (as defined
pursuant to Rule 405 under the Securities Act) listed on Annex B hereto.
2. Purchase of the Securities by the Underwriters. (a) The Company agrees to issue and sell the Securities to the several Underwriters as
provided in this Agreement, and each Underwriter, on the basis of the representations, warranties
and agreements set forth herein and subject to the conditions set forth herein, agrees, severally
and not jointly, to purchase from the Company the respective principal amount of Securities set
forth opposite such Underwriter’s name in Schedule 1 hereto at a price equal to 96.436% of the
principal amount thereof plus accrued interest, if any, from December 10, 2009 to the Closing Date
(as defined below). The Company will not be obligated to deliver any of the Securities except upon
payment for all the Securities to be purchased as provided herein.
(b) The Company understands that the Underwriters intend to make a public offering of the
Securities as soon after the effectiveness of this Agreement as in the judgment of the
Representative is advisable, and initially to offer the Securities on the terms set forth in the
Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell
Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and
sell Securities purchased by it to or through any Underwriter.
(c) Payment for and delivery of the Securities will be made at the offices of Xxxxxxx Xxxxxxx
& Xxxxxxxx LLP, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 at 10:00 A.M., New York City time,
on December 10, 2009, or at such other time or place on the same or such other date, not later than
the fifth business day thereafter, as the Representative and the Company may agree upon in writing.
The time and date of such payment and delivery is referred to herein as the “Closing Date”.
(d) Payment for the Securities shall be made by wire transfer in immediately available funds
to the account(s) specified by the Company to the Representative against
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delivery to the Trustee,
as custodian for The Depository Trust Company, for the account of the Underwriters, of one or more
global notes representing the Securities (collectively, the “Global Note”), with any transfer taxes
payable in connection with the sale of the Securities duly paid by the Company. The Global Note
will be made available for inspection by the Representative not later than 12:00 P.M., New York
City time, on the business day prior to the Closing Date.
(e) The Company and the Guarantors acknowledge and agree that the Underwriters are acting
solely in the capacity of an arm’s length contractual counterparty to the Company and the
Guarantors with respect to the offering of Securities contemplated hereby (including in connection
with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an
agent of, the Company, the Guarantors or any other person. Additionally, neither the
Representative nor any other Underwriter is advising the Company, the Guarantors or any other
person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The
Company and the Guarantors shall consult with their own advisors concerning such matters and shall
be responsible for making their own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company
or the Guarantors with respect thereto. Any review by the Underwriters of the Company, the
Guarantors, the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Underwriters and shall not be on behalf of the
Company or the Guarantors. The Company agrees that it will not claim that the Underwriters, or any
of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to the Company, in connection with such transaction or the process leading thereto.
3. Representations and Warranties of the Company and the Guarantors.
The Company and the Guarantors jointly and severally represent and warrant to each
Underwriter that:
(a) Preliminary Prospectus. No order preventing or suspending the use of any
Preliminary Prospectus has been issued by the Commission, and each Preliminary Prospectus,
at the time of filing thereof, complied in all material respects with the Securities Act and
did not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that
the Company makes no representation and warranty with respect to any statements or omissions
made in reliance upon and in conformity with information relating to any Underwriter
furnished to the Company in writing by such Underwriter through the Representative expressly
for use in any Preliminary Prospectus.
(b) Time of Sale Information. The Time of Sale Information, at the Time of Sale did
not, and at the Closing Date will not, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that
the Company makes no representation and warranty with respect to any statements or
omissions made in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the
Representative expressly for use in such Time of Sale Information. No statement of
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material
fact included in the Prospectus has been omitted from the Time of Sale Information and no
statement of material fact included in the Time of Sale Information that is required to be
included in the Prospectus has been omitted therefrom.
(c) Issuer Free Writing Prospectus. The Company (including its agents and
representatives, other than the Underwriters in their capacity as such) has not prepared,
made, used, authorized, approved or referred to and will not prepare, make, use, authorize,
approve or refer to any “written communication” (as defined in Rule 405 under the Securities
Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities
(each such communication by the Company or its agents and representatives (other than a
communication referred to in clauses (i), (ii) and (iii) below) an “Issuer Free Writing
Prospectus”) other than (i) any document not constituting a prospectus pursuant to Section
2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act, (ii) the Preliminary
Prospectus, (iii) the Prospectus, (iv) the documents listed on Annex B hereto as
constituting the Time of Sale Information and (v) any electronic road show or other written
communications, in each case approved in writing in advance by the Representative. Each
such Issuer Free Writing Prospectus complied in all material respects with the Securities
Act, has been or will be (within the time period specified in Rule 433) filed in accordance
with the Securities Act (to the extent required thereby) and, when taken together with the
Preliminary Prospectus accompanying, or delivered prior to delivery of, such Issuer Free
Writing Prospectus, did not, and at the Closing Date will not, contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading; provided that the Company makes no representation and warranty with
respect to any statements or omissions made in each such Issuer Free Writing Prospectus in
reliance upon and in conformity with information relating to any Underwriter furnished to
the Company in writing by such Underwriter through the Representative expressly for use in
any Issuer Free Writing Prospectus.
(d) Registration Statement and Prospectus. The Registration Statement is an “automatic
shelf registration statement” as defined under Rule 405 of the Securities Act that has been
filed with the Commission not earlier than three years prior to the date hereof; and no
notice of objection of the Commission to the use of such registration statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has
been received by the Company. No order suspending the effectiveness of the Registration
Statement has been issued by the Commission and no proceeding for that purpose or pursuant
to Section 8A of the Securities Act against the Company or related to the offering has been
initiated or threatened by the Commission; as of the applicable effective date of the
Registration Statement and any amendment thereto, the Registration Statement complied and
will comply in all material respects with the Securities Act and the Trust Indenture Act of
1939, as amended, and the rules and regulations of the Commission thereunder (collectively,
the “Trust Indenture Act”), and did not and will not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements
therein not misleading; and as of the date of the Prospectus and any amendment or
supplement thereto and as of the Closing Date, the Prospectus will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein
or
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necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the Company makes no
representation and warranty with respect to (i) that part of the Registration Statement that
constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under
the Trust Indenture Act or (ii) any statements or omissions made in reliance upon and in
conformity with information relating to any Underwriter furnished to the Company in writing
by such Underwriter through the Representative expressly for use in the Registration
Statement and the Prospectus and any amendment or supplement thereto.
(e) Incorporated Documents. The documents incorporated by reference in the
Registration Statement, the Prospectus and the Time of Sale Information, when they became
effective or were filed with the Commission, as the case may be, conformed in all material
respects to the requirements of the Exchange Act and none of such documents contained any
untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and any further documents so filed
and incorporated by reference in the Registration Statement, the Prospectus or the Time of
Sale Information, when such documents become effective or are filed with the Commission, as
the case may be, will conform in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and will not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they
were made, not misleading.
(f) Financial Statements. The financial statements and the related notes thereto of
the Company and its consolidated subsidiaries included or incorporated by reference in the
Registration Statement, the Time of Sale Information and the Prospectus comply in all
material respects with the applicable requirements of the Securities Act and the Exchange
Act, as applicable, and present fairly in all material respects the financial position of
the Company and its subsidiaries as of the dates indicated and the results of their
operations and the changes in their cash flows for the periods specified; such financial
statements have been prepared in conformity with generally accepted accounting principles
applied on a consistent basis throughout the periods covered thereby, and the supporting
schedules, if any, included or incorporated by reference in the Registration Statement
present fairly the information required to be stated therein; and the other financial
information included or incorporated by reference in the Registration Statement, the Time of
Sale Information and the Prospectus has been derived from the accounting records of the
Company and its subsidiaries and presents fairly the information shown thereby; and the
pro forma financial information and the related notes thereto incorporated
by reference in the Registration Statement, the Time of Sale Information and the Prospectus
have been prepared in accordance with the applicable requirements of the Securities Act and
the Exchange Act, as applicable, and the assumptions underlying such pro forma financial
information are reasonable and are set forth in the Registration Statement, the Time of Sale
Information and the Prospectus.
(g) No Material Adverse Change. Since the date of the most recent financial statements
of the Company included or incorporated by reference in the Registration
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Statement, the Time
of Sale Information and the Prospectus, (i) there has not been any change in the capital
stock (except as a result of exercises of outstanding stock options, vesting of restricted
stock units and transactions pursuant to the Company’s employee stock purchase plan, not to
exceed 50,000 shares of common stock of the Company in the aggregate) or long-term debt of
the Company or any of its subsidiaries (except for ordinary course borrowings under the
revolving credit facility and the accounts receivable securitization facility in the
aggregate amount no to exceed $10.0 million), or any dividend or distribution of any kind
declared, set aside for payment, paid or made by the Company on any class of capital stock,
or any material adverse change, or any development involving a prospective material adverse
change, in or affecting the business, properties, management, financial position, results of
operations or prospects of the Company and its subsidiaries taken as a whole; (ii) neither
the Company nor any of its subsidiaries has entered into any transaction or agreement that
is material to the Company and its subsidiaries taken as a whole or incurred any liability
or obligation, direct or contingent, that is material to the Company and its subsidiaries
taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained
any material loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor disturbance or dispute or
any action, order or decree of any court or arbitrator or governmental or regulatory
authority, except in each case as otherwise disclosed in the Registration Statement, the
Time of Sale Information and the Prospectus.
(h) Organization and Good Standing. The Company and each of its subsidiaries have been
duly organized and are validly existing and in good standing under the laws of their
respective jurisdictions of organization, are duly qualified to do business and are in good
standing in each jurisdiction in which their respective ownership or lease of property or
the conduct of their respective businesses requires such qualification, and have all power
and authority necessary to own or hold their respective properties and to conduct the
businesses in which they are engaged, except where the failure to be so qualified, in good
standing or have such power or authority would not, individually or in the aggregate, have a
material adverse effect on the business, properties, management, financial position, results
of operations or prospects of the Company and its subsidiaries taken as a whole or on the
performance by the Company or the Guarantors of their obligations under the Securities and
the Guarantees, respectively (a “Material Adverse Effect”). The Company does not own or
control, directly or indirectly, any corporation, association or other entity other than the
subsidiaries listed in Exhibit 21 to the Annual Report on Form 10-K for the fiscal year
ended January 3, 2009, other than Hanesbrands UK Limited, a company formed under the laws of
the United Kingdom, and Hanesbrands Australia Pty Limited, a company formed under the laws
of Australia, both of which were formed after January 3, 2009.
(i) Capitalization. The Company has an authorized capitalization as set forth in the
Registration Statement, the Time of Sale Information and the Prospectus under the heading
“Capitalization” and all the outstanding shares of capital stock or other equity interests
of each subsidiary of the Company have been duly and validly authorized and
issued, are fully paid and non-assessable (except, in the case of any foreign
subsidiary, for directors’ qualifying shares and shares held by other persons to satisfy
applicable
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legal requirements, as could not reasonably be expected to result in a Material
Adverse Effect) and are owned directly or indirectly by the Company, free and clear of any
lien, charge, encumbrance, security interest, restriction on voting or transfer or any other
claim of any third party other than liens, encumbrances or other restrictions pursuant to
the Existing Credit Facilities (as such term is defined in the Time of Sale Information) or
any lien, encumbrance or other restrictions with respect to any foreign subsidiary which
would not reasonably be expected, individually or in aggregate, to result in a Material
Adverse Effect. For the purpose of this Agreement, “subsidiary” means, with respect to any
person, any corporation, association or other business entity of which more than 50% of the
voting power of the outstanding voting stock is owned, directly or indirectly, by such
person and one or more other subsidiaries of such person.
(j) Due Authorization. The Company and each of the Guarantors have full right power
and authority to execute and deliver this Agreement, the Securities and the Base Indenture
and the First Supplemental Indenture (collectively, the “Transaction Documents”) and to
perform their respective obligations hereunder and thereunder; and all action required to be
taken for the due and proper authorization, execution and delivery of each of the
Transaction Documents to which the Company and each of the Guarantors is a party and the
consummation of the transactions contemplated thereby has been duly and validly taken.
(k) The Indenture. Each of the Base Indenture and the Supplemental Indenture has been
duly authorized by the Company and each of the Guarantors and upon effectiveness of the
Registration Statement the Indenture was or will have been duly qualified under the Trust
Indenture Act and, when each of the Base Indenture and the Supplemental Indenture have been
duly executed and delivered in accordance with its terms by each of the parties thereto, the
Indenture will constitute a valid and legally binding agreement of the Company and each of
the Guarantors enforceable against the Company and each of the Guarantors in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally or by equitable
principles relating to enforceability (collectively, the “Enforceability Exceptions”).
(l) The Securities and the Guarantees. The Securities have been duly authorized by the
Company and, when duly executed, authenticated, issued and delivered as provided in the
Indenture and paid for as provided herein, will be duly and validly issued and outstanding
and will constitute valid and legally binding obligations of the Company enforceable against
the Company in accordance with their terms, subject to the Enforceability Exceptions, and
will be entitled to the benefits of the Indenture; and the Guarantees have been duly
authorized by each of the Guarantors and, when the Securities have been duly executed,
authenticated, issued and delivered as provided in the Indenture and paid for as provided
herein, will be valid and legally binding obligations of each of the Guarantors, enforceable
against each of the Guarantors in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the Indenture.
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(m) Underwriting Agreement. This Agreement has been duly authorized, executed and
delivered by the Company and the Guarantors.
(n) Descriptions of the Transaction Documents. Each Transaction Document conforms in
all material respects to the description thereof contained in the Registration Statement,
the Time of Sale Information and the Prospectus.
(o) No Violation or Default. Neither the Company nor any of its subsidiaries is (i) in
violation of its charter or by-laws or similar organizational documents; (ii) in default,
and no event has occurred that, with notice or lapse of time or both, would constitute such
a default, in the due performance or observance of any term, covenant or condition contained
in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument
to which the Company or any of its subsidiaries is a party or by which the Company or any of
its subsidiaries is bound or to which any of the property or assets of the Company or any of
its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment,
order, rule or regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of clauses (ii) and (iii) above, for any such default or
violation that would not, individually or in the aggregate, have a Material Adverse Effect.
(p) No Conflicts. The execution, delivery and performance by the Company and each of
the Guarantors of each of the Transaction Documents, the issuance and sale of the Securities
(including the Guarantees) and compliance by the Company and each of the Guarantors with the
terms thereof and the consummation of the transactions contemplated by the Transaction
Documents will not (i) conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any property or assets of the Company or any of its
subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any of its subsidiaries is bound or to which any of the property or
assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of
the provisions of the charter or by-laws or similar organizational documents of the Company
or any of its subsidiaries or (iii) result in the violation of any law or statute or any
judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of clauses (i) and (iii) above, for any such conflict,
breach, violation or default that would not, individually or in the aggregate, have a
Material Adverse Effect.
(q) No Consents Required. No consent, approval, authorization, order, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is
required for the execution, delivery and performance by the Company and each of the
Guarantors of each of the Transaction Documents to which it is a party, the issuance and
sale of the Securities (including the Guarantees) and compliance by the Company and each of
the Guarantors with the terms thereof and the consummation of the transactions contemplated
by the Transaction Documents, except for the registration of the Securities under the
Securities Act, the qualification of the Indenture under the Trust Indenture Act and such
consents, approvals, authorizations, orders and
9
registrations or qualifications as may be required under applicable state securities
laws in connection with the purchase and distribution of the Securities by the Underwriters.
(r) Legal Proceedings. Except as described in the Registration Statement, the Time of
Sale Information and the Prospectus, there are no legal, governmental or regulatory
investigations, actions, suits or proceedings pending to which the Company or any of its
subsidiaries is or may be a party or to which any property of the Company or any of its
subsidiaries is or may be the subject that, individually or in the aggregate, if determined
adversely to the Company or any of its subsidiaries, could reasonably be expected to have a
Material Adverse Effect; no such investigations, actions, suits or proceedings are
threatened or, to the best knowledge of the Company, contemplated by any governmental or
regulatory authority or threatened by others; and (i) there are no current or pending legal,
governmental or regulatory actions, suits or proceedings that are required under the
Securities Act to be described in the Registration Statement or the Prospectus that are not
so described in the Registration Statement, the Time of Sale Information and the Prospectus
and (ii) there are no statutes, regulations or contracts or other documents that are
required under the Securities Act to be filed as exhibits to the Registration Statement or
described in the Registration Statement and the Prospectus that are not so filed as exhibits
to the Registration Statement or described in the Registration Statement, the Time of Sale
Information and the Prospectus.
(s) Independent Accountants. PricewaterhouseCoopers LLP, who have certified certain
financial statements of the Company and its subsidiaries, is an independent registered
public accounting firm with respect to the Company and its subsidiaries within the
applicable rules and regulations adopted by the Commission and the Public Company Accounting
Oversight Board (United States) and as required by the Securities Act.
(t) Title to Real and Personal Property. The Company and its subsidiaries have good
and marketable title in fee simple to, or have valid rights to lease or otherwise use, all
items of real and personal property that are material to the respective businesses of the
Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims
and defects and imperfections of title except those that (i) do not materially interfere
with the use made and proposed to be made of such property by the Company and its
subsidiaries, (ii) exist pursuant to the Existing Credit Facilities; or (iii) could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
(u) Title to Intellectual Property. Except as could not reasonably be expected,
individually or in aggregate, to have a Material Adverse Effect, the Company and its
subsidiaries own or possess adequate rights to use all patents, patent applications,
trademarks, service marks, trade names, trade secrets, trademark registrations, service xxxx
registrations, copyrights, licenses and know-how necessary for the conduct of their
respective businesses; and the conduct of their respective businesses will not conflict with
any such rights of others, except those that (i) exist pursuant to the Existing Credit
Facilities or (ii) could not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect. The Company and its subsidiaries have not received any
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notice of any claim of infringement of or conflict with any such rights of others and
the Company’s or its subsidiaries’ intellectual property rights are not being infringed by
third parties.
(v) No Undisclosed Relationships. No relationship, direct or indirect, exists between
or among the Company or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on
the other, that is required by the Securities Act to be described in the Registration
Statement and the Prospectus and that is not so described in such documents and in the Time
of Sale Information.
(w) Investment Company Act. Neither the Company nor any of its subsidiaries is and,
after giving effect to the offering and sale of the Securities and the application of the
proceeds thereof as described in the Registration Statement, the Time of Sale Information
and the Prospectus, none of them will be, an “investment company” or an entity “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission thereunder (collectively,
“Investment Company Act”).
(x) Taxes. The Company and its subsidiaries have paid all federal, state, local and
foreign taxes (except for any such taxes that are currently being contested in good faith
and with respect to which adequate reserves have been established in accordance with
generally accepted accounting principles) and filed all tax returns required to be paid or
filed through the date hereof, except in any case in which the failure so to pay such taxes
or file such returns would not reasonably be expected to have a Material Adverse Effect; and
except as otherwise disclosed in the Registration Statement, the Time of Sale Information
and the Prospectus, there is no tax deficiency that has been, or could reasonably be
expected to be, asserted against the Company or any of its subsidiaries or any of their
respective properties or assets.
(y) Licenses and Permits. The Company and its subsidiaries possess all licenses,
certificates, permits and other authorizations issued by, and have made all declarations and
filings with, the appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of their respective properties or
the conduct of their respective businesses as described in the Registration Statement, the
Time of Sale Information and the Prospectus, except where the failure to possess or make the
same would not, individually or in the aggregate, have a Material Adverse Effect; and except
as described in the Registration Statement, the Time of Sale Information and the Prospectus,
neither the Company nor any of its subsidiaries has received notice of any revocation or
modification of any such license, certificate, permit or authorization or has any reason to
believe that any such license, certificate, permit or authorization will not be renewed in
the ordinary course.
(z) No Labor Disputes. No labor disturbance by or dispute with employees of the
Company or any of its subsidiaries exists or, to the knowledge of the Company and each of
the Guarantors, is contemplated or threatened and neither the Company nor any Guarantor is
aware of any existing or imminent labor disturbance by, or dispute with, the
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employees of any of the Company’s or the Company’s subsidiaries’ principal suppliers,
contractors or customers, except as would not reasonably be expected to have a Material
Adverse Effect.
(aa) Compliance With Environmental Laws. (i) The Company and its subsidiaries (x) are,
and at all prior times were, in compliance with any and all applicable federal, state, local
and foreign laws, rules, regulations, requirements, decisions and orders relating to the
protection of human health or safety, the environment, natural resources, hazardous or toxic
substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (y)
have received and are in compliance with all permits, licenses, certificates or other
authorizations or approvals required of them under applicable Environmental Laws to conduct
their respective businesses; and (z) have not received notice of any actual or potential
liability under or relating to any Environmental Laws, including for the investigation or
remediation of any disposal or release of hazardous or toxic substances or wastes,
pollutants or contaminants, and have no knowledge of any event or condition that would
reasonably be expected to result in any such notice, and (ii) there are no costs or
liabilities associated with Environmental Laws of or relating to the Company or its
subsidiaries, except in the case of each of (i) and (ii) above, for any such failure to
comply, or failure to receive required permits, licenses or approvals, or cost or liability,
as would not, individually or in the aggregate, have a Material Adverse Effect; and (iii)
except as described in each of the Time of Sale Information and the Prospectus, (x) there
are no proceedings that are pending, or that are known to be contemplated, against the
Company or any of its subsidiaries under any Environmental Laws in which a governmental
entity is also a party, other than such proceedings regarding which it is reasonably
believed no monetary sanctions of $100,000 or more will be imposed, (y) the Company and its
subsidiaries are not aware of any issues regarding compliance with Environmental Laws, or
liabilities or other obligations under Environmental Laws or concerning hazardous or toxic
substances or wastes, pollutants or contaminants, that could reasonably be expected to have
a material effect on the capital expenditures, earnings or competitive position of the
Company and its subsidiaries, and (z) none of the Company and its subsidiaries anticipates
material capital expenditures relating to any Environmental Laws.
(bb) Compliance With ERISA. Except as described in the Registration Statement, the
Time of Sale Information and the Prospectus or as would not reasonably be expected,
individually or in aggregate, to have a Material Adverse Effect, (i) each employee benefit
plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group”
(defined as any organization which is a member of a controlled group of corporations within
the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”))
would have any liability (each, a “Plan”) has been maintained in compliance with its terms
and the requirements of any applicable statutes, orders, rules and regulations, including
but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of
Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan
excluding transactions effected pursuant to a statutory or administrative exemption or
transactions that have previously been corrected in accordance with applicable correction
procedures; (iii) for
12
each Plan that is subject to the funding rules of Section 412 of the Code or Section
302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code,
whether or not waived, has occurred or is reasonably expected to occur; (iv) to the best
knowledge of the Company, no “reportable event” (within the meaning of Section 4043(c) of
ERISA) has occurred for which notice to the PBGC either has been waived or has been
provided; and (v) neither the Company nor any member of the Controlled Group has incurred,
nor reasonably expects to incur, any liability under Title IV of ERISA (other than
contributions to the Plan or premiums to the PBGC, in the ordinary course and without
default or pursuant to the agreement with the PBGC dated September 8, 2009) in respect of a
Plan (including a “multiemployer plan”, within the meaning of Section 4001(a)(3) of ERISA).
(cc) Disclosure Controls. The Company and its subsidiaries, on a consolidated basis,
maintain an effective system of “disclosure controls and procedures” (as defined in Rule
13a-15(e) of the Exchange Act) that is designed to ensure that information required to be
disclosed by the Company in reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in the
Commission’s rules and forms, including controls and procedures designed to ensure that such
information is accumulated and communicated to the Company’s management as appropriate to
allow timely decisions regarding required disclosure. The Company and its subsidiaries have
carried out evaluations of the effectiveness of their disclosure controls and procedures as
required by Rule 13a-15 of the Exchange Act.
(dd) Accounting Controls. The Company and its subsidiaries, on a consolidated basis,
maintain systems of “internal control over financial reporting” (as defined in Rule
13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and
have been designed by, or under the supervision of, their respective principal executive and
principal financial officers, or persons performing similar functions, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles, including, but not limited to internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s
general or specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. Except as disclosed in the
Registration Statement, the Time of Sale Information and the Prospectus, there are no
material weaknesses in the Company’s internal controls, on a consolidated basis.
(ee) Insurance. The Company and each of its subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are
prudent and customary in the businesses in which they are engaged; the Company and its
subsidiaries are in compliance with the terms of such policies and instruments in all
material respects; and there are no material claims by the Company or any
13
of its subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause.
(ff) No Unlawful Payments. Neither the Company nor any of its subsidiaries nor, to the
knowledge of the Company and each of the Guarantors, any director, officer, agent, employee
or other person associated with or acting on behalf of the Company or any of its
subsidiaries has (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii) made any direct
or indirect unlawful payment to any foreign or domestic government official or employee from
corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt
Practices Act of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment.
(gg) Compliance with Money Laundering Laws. The operations of the Company and its
subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the
rules and regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental agency (collectively, the
“Money Laundering Laws”) and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge
of the Company, threatened.
(hh) Compliance with OFAC. None of the Company, any of its subsidiaries or, to the
knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company
or any of its subsidiaries is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the
Company will not directly or indirectly use the proceeds of the offering of the Securities
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities
of any person currently subject to any U.S. sanctions administered by OFAC.
(ii) Solvency. On and immediately after the Closing Date, the Company (after giving
effect to the issuance of the Securities and the other transactions related thereto as
described in the Registration Statement, the Time of Sale Information and the Prospectus)
will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a
particular date, that on such date (i) the present fair market value (or present fair
saleable value) of the assets of the Company is not less than the total amount required to
pay the liabilities of the Company on its total existing debts and liabilities (including
contingent liabilities) as they become absolute and matured; (ii) the Company is able to
realize upon its assets and pay its debts and other liabilities, contingent obligations and
commitments as they mature and become due in the normal course of business; (iii) assuming
consummation of the issuance of the Securities as contemplated by this Agreement, the
Registration Statement, the Time of Sale Information and the Prospectus, the Company is not
incurring debts or liabilities beyond its ability to pay as such debts and liabilities
mature; (iv) the
14
Company is not engaged in any business or transaction, and does not propose to engage
in any business or transaction, for which its property would constitute unreasonably small
capital after giving due consideration to the prevailing practice in the industry in which
the Company is engaged; and (v) the Company is not a defendant in any civil action that
would result in a judgment that the Company is or would become unable to satisfy.
(jj) No Restrictions on Subsidiaries. No subsidiary of the Company is currently
prohibited, directly or indirectly from paying any dividends to the Company, from making any
other distribution on such subsidiary’s capital stock, from repaying to the Company any
loans or advances to such subsidiary from the Company or from transferring any of such
subsidiary’s properties or assets to the Company or any other subsidiary of the Company,
except for restrictions permitted under the indenture governing the Company’s existing
floating rate Senior Notes due 2014.
(kk) No Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to
any contract, agreement or understanding with any person (other than this Agreement) that
would give rise to a valid claim against the Company or any of its subsidiaries or any
Underwriter for a brokerage commission, finder’s fee or like payment in connection with the
offering and sale of the Securities.
(ll) No Registration Rights. No person has the right to require the Company or any of
its subsidiaries to register any securities for sale under the Securities Act by reason of
the filing of the Registration Statement with the Commission or the issuance and sale of the
Securities.
(mm) No Stabilization. The Company has not taken, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or
manipulation of the price of the Securities.
(nn) Margin Rules. Neither the issuance, sale and delivery of the Securities nor the
application of the proceeds thereof by the Company as described in the Registration
Statement, the Time of Sale Information and the Prospectus will violate Regulation T, U or X
of the Board of Governors of the Federal Reserve System or any other regulation of such
Board of Governors.
(oo) Forward-Looking Statements. No forward-looking statement (within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the
Registration Statement, the Time of Sale Information and the Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(pp) Statistical and Market Data. Nothing has come to the attention of the Company
that has caused the Company to believe that the statistical and market-related data included
in the Registration Statement, the Time of Sale Information and the Prospectus is not based
on or derived from sources that are reliable and accurate in all material respects.
15
(qq) Xxxxxxxx-Xxxxx Act. There is and has been no failure on the part of the Company
or any of the Company’s directors or officers, in their capacities as such, to comply with
any provision of the Xxxxxxxx-Xxxxx Act of 2002 and the rules and regulations promulgated in
connection therewith (the “Xxxxxxxx-Xxxxx Act”), including Section 402 related to loans and
Sections 302 and 906 related to certifications.
(rr) Status under the Securities Act. The Company is not an ineligible issuer and is a
well-known seasoned issuer, in each case as defined under the Securities Act, in each case
at the times specified in the Securities Act in connection with the offering of the
Securities.
4. Further Agreements of the Company and the Guarantors.
The Company and each of the Guarantors jointly and severally covenant and agree with each
Underwriter that:
(a) Required Filings. The Company will file the final Prospectus with the Commission within
the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act,
will file any Issuer Free Writing Prospectus (including the Term Sheet in the form of Annex C
hereto) to the extent required by Rule 433 under the Securities Act; and will file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the
date of the Prospectus and for so long as the delivery of a prospectus is required in connection
with the offering or sale of the Securities; and the Company will furnish copies of the Prospectus
and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the
Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next
succeeding the date of this Agreement in such quantities as the Representative may reasonably
request. The Company will pay the registration fees for this offering within the time period
required by Rule 456(b)(1)(i) under the Securities Act (without giving effect to the proviso
therein) and in any event prior to the Closing Date.
(b) Delivery of Copies. The Company will deliver, without charge, (i) to the Representative,
two signed copies of the Registration Statement as originally filed and each amendment thereto, in
each case including all exhibits and consents filed therewith and documents incorporated by
reference therein; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement
as originally filed and each amendment thereto, in each case including all exhibits and consents
filed therewith and (B) during the Prospectus Delivery Period (as defined below), as many copies of
the Prospectus (including all amendments and supplements thereto and documents incorporated by
reference therein) and each Issuer Free Writing Prospectus as the Representative may reasonably
request. As used herein, the term “Prospectus Delivery Period” means such period of time after the
first date of the public offering of the Securities as in the opinion of counsel for the
Underwriters a prospectus relating to the Securities is required by law to be delivered (or
required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the
Securities by any Underwriter or dealer.
(c) Amendments or Supplements; Issuer Free Writing Prospectuses. Before making, preparing,
using, authorizing, approving, referring to or filing any Issuer Free Writing
Prospectus, and before filing any amendment or supplement to the Registration Statement or the
Prospectus, the Company will furnish to the Representative and counsel for the Underwriters a
16
copy
of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not
make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or
file any such proposed amendment or supplement to which the Representative reasonably objects prior
to such filing.
(d) Notice to the Representative. The Company will advise the Representative promptly, and
confirm such advice in writing, (i) when any amendment to the Registration Statement has been filed
or becomes effective; (ii) when any supplement to the Prospectus or any amendment to the Prospectus
or any Issuer Free Writing Prospectus has been filed; (iii) of any request by the Commission for
any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the
receipt of any comments from the Commission relating to the Registration Statement or any other
request by the Commission for any additional information; (iv) of the issuance by the Commission of
any order suspending the effectiveness of the Registration Statement or preventing or suspending
the use of any Preliminary Prospectus or the Prospectus or the initiation or threatening of any
proceeding for that purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence
of any event within the Prospectus Delivery Period as a result of which the Prospectus, the Time of
Sale Information or any Issuer Free Writing Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus, the Time of Sale Information or any such Issuer Free
Writing Prospectus is delivered to a purchaser, not misleading; (vi) of the receipt by the Company
of any notice of objection of the Commission to the use of the Registration Statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; and (vii) of
the receipt by the Company of any notice with respect to any suspension of the qualification of the
Securities for offer and sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the
issuance of any such order suspending the effectiveness of the Registration Statement, preventing
or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such
qualification of the Securities and, if any such order is issued, will obtain as soon as possible
the withdrawal thereof.
(e) Time of Sale Information. If at any time prior to the Closing Date (i) any event shall
occur or condition shall exist as a result of which the Time of Sale Information as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances, not
misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply
with law, the Company will immediately notify the Underwriters thereof and forthwith prepare and,
subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to
the Underwriters and to such dealers as the Representative may designate, such amendments or
supplements to the Time of Sale Information as may be necessary so that the statements in the Time
of Sale Information as so amended or supplemented will not, in the light of the circumstances, be
misleading or so that the Time of Sale Information will comply with law.
(f) Ongoing Compliance. If during the Prospectus Delivery Period (i) any event shall occur or
condition shall exist as a result of which the Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material
17
fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it
is necessary to amend or supplement the Prospectus to comply with law, the Company will immediately
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file
with the Commission and furnish to the Underwriters and to such dealers as the Representative may
designate, such amendments or supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that
the Prospectus will comply with law.
(g) Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Representative shall reasonably request
and will continue such qualifications in effect so long as required for distribution of the
Securities; provided that the Company shall not be required to (i) qualify as a foreign
corporation or other entity or as a dealer in securities in any such jurisdiction where it would
not otherwise be required to so qualify, (ii) file any general consent to service of process in any
such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.
(h) Earning Statement. The Company will make generally available to its security holders and
the Representative as soon as practicable an earning statement that satisfies the provisions of
Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering
a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the “effective date” (as defined in Rule 158) of the Registration Statement.
(i) Clear Market. During the period from the date hereof through and including the date that
is 90 days after the date hereof, the Company will not, without the prior written consent of the
Representative, offer, sell, contract to sell, pledge or otherwise dispose of any debt securities
issued or guaranteed by the Company and having a tenor of more than one year.
(j) Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities
as described in the Registration Statement, the Time of Sale Information and the Prospectus under
the heading “Use of proceeds”.
(k) No Stabilization. The Company will not take, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of
the price of the Securities.
(l) Record Retention. The Company will, pursuant to reasonable procedures developed in good
faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission
in accordance with Rule 433 under the Securities Act.
5. Certain Agreements of the Underwriters. Each Underwriter hereby represents and agrees that:
(a) It has not and will not use, authorize use of, refer to, any “free writing prospectus”, as
defined in Rule 405 under the Securities Act (which term includes use of any written information
furnished to the Commission by the Company and not incorporated by
18
reference into the Registration
Statement and any press release issued by the Company) other than (i) a free writing prospectus
that, solely as a result of use by such underwriter, would not trigger an obligation to file such
free writing prospectus with the Commission pursuant to Rule 433, (ii) any Issuer Free Writing
Prospectus listed on Annex B or prepared pursuant to Section 3(c) or Section 4(c) above (including
any electronic road show), or (iii) any free writing prospectus prepared by such underwriter and
approved by the Company in advance in writing (each such free writing prospectus referred to in
clauses (i) or (iii), an “Underwriter Free Writing Prospectus”). Notwithstanding the foregoing,
the Underwriters may use a term sheet substantially in the form of Annex C hereto without the
consent of the Company.
(b) It is not subject to any pending proceeding under Section 8A of the Securities Act with
respect to the offering (and will promptly notify the Company if any such proceeding against it is
initiated during the Prospectus Delivery Period).
6. Conditions of Underwriters’ Obligations. The obligation of each Underwriter to purchase Securities on the Closing Date as provided
herein is subject to the performance by the Company and each of the Guarantors of their respective
covenants and other obligations hereunder and to the following additional conditions:
(a) Registration Compliance; No Stop Order. No order suspending the effectiveness of the
Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule
401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened
by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely
filed with the Commission under the Securities Act (in the case of an Issuer Free Writing
Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with
Section 4(a) hereof; and all requests by the Commission for additional information shall have been
complied with to the reasonable satisfaction of the Representative.
(b) Representations and Warranties. The representations and warranties of the Company and
each of the Guarantors contained herein shall be true and correct on the date hereof and on and as
of the Closing Date; and the statements of the Company and each of the Guarantors and their
respective officers made in any certificates delivered pursuant to this Agreement shall be true and
correct on and as of the Closing Date.
(c) No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and
delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the
Securities or any other debt securities or preferred stock of or guaranteed by the Company or any
of its subsidiaries by any “nationally recognized statistical rating organization”, as such term is
defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act and (ii) no such
organization shall have publicly announced that it has under surveillance or review, or has changed
its outlook with respect to, its rating of the Securities or of any other debt
securities or preferred stock of or guaranteed by the Company or any of its subsidiaries
(other than an announcement with positive implications of a possible upgrading).
(d) No Material Adverse Change. No event or condition of a type described in Section 3(g)
hereof shall have occurred or shall exist, which event or condition is not described in the Time of
Sale Information (excluding any amendment or supplement thereto) and the
19
Prospectus (excluding any
amendment or supplement thereto) and the effect of which in the judgment of the Representative
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the
Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Prospectus.
(e) Officer’s Certificate. The Representative shall have received on and as of the Closing
Date a certificate of an executive officer of the Company and of each Guarantor who has specific
knowledge of the Company’s or such Guarantor’s financial matters and is satisfactory to the
Representative (i) confirming that such officer has carefully reviewed the Registration Statement,
the Time of Sale Information and the Prospectus and, to the knowledge of such officer, the
representations set forth in Sections 3(b) or 3(d) hereof are true and correct, (ii) confirming
that the other representations and warranties of the Company and the Guarantors in this Agreement
are true and correct and that the Company and the Guarantors have complied with all agreements and
satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the
Closing Date and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.
(f) Comfort Letters. On the date of this Agreement and on the Closing Date,
PricewaterhouseCoopers LLP shall have furnished to the Representative, at the request of the
Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters,
in form and substance reasonably satisfactory to the Representative, containing statements and
information of the type customarily included in accountants’ “comfort letters” to underwriters with
respect to the financial statements and certain financial information contained and incorporated by
reference in the Registration Statement, the Time of Sale Information and the Prospectus;
provided that the letter delivered on the Closing Date shall use a “cut-off” date no more
than three business days prior to the Closing Date.
(g) Opinions & Certificate of Counsel for the Company. Each of (i) Xxxxxxxx & Xxxxx LLP,
counsel for the Company, (ii) Xxxxx & Xxxxxxx LLP, special Colorado counsel for the Company, and
(iii) Xxxxxxx LLP, special Maryland counsel for the Company, shall have furnished to the
Representative, at the request of the Company, their respective written opinions, dated the Closing
Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the
Representative, to the effect set forth in Annex X-0, X-0 and A-3 hereto, respectively. Xxxx X.
Xxxxxxx, General Counsel of the Company, shall have furnished to the Representative a certificate
to the effect set forth in Annex A-4 hereto.
(h) Opinion and 10b-5 Statement of Counsel for the Underwriters. The Representative shall
have received on and as of the Closing Date an opinion and 10b-5 statement of Xxxxxxx Xxxxxxx &
Xxxxxxxx LLP, counsel for the Underwriters, with respect to such matters as the Representative may
reasonably request, and such counsel shall have received such
documents and information as they may reasonably request to enable them to pass upon such
matters.
(i) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule,
regulation or order shall have been enacted, adopted or issued by any federal, state or foreign
governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or
sale of the Securities or the issuance of the Guarantees; and no injunction or order of
20
any
federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent
the issuance or sale of the Securities or the issuance of the Guarantees.
(j) Good Standing. The Representative shall have received on and as of the Closing Date
satisfactory evidence of the good standing of the Company and the Guarantors in their respective
jurisdictions of organization and their good standing in such other jurisdictions as the
Representative may reasonably request, in each case in writing or any standard form of
telecommunication from the appropriate governmental authorities of such jurisdictions.
(k) Additional Documents. On or prior to the Closing Date, the Company and the Guarantors
shall have furnished to the Representative such further certificates and documents as the
Representative may reasonably request.
(l) New Credit Facilities. Concurrently with or prior to the Closing Date, (a) the Company
shall have entered into the New Senior Secured Credit Facilities consistent in all material
respects with the terms described in the Time of Sale Information; and (b) the Representative shall
have received conformed counterparts thereof and all other documents and agreements entered into
and received thereunder in connection with the closing of the New Senior Secured Credit Facilities,
including, but not limited to security and collateral agreements, each in forms and substance
reasonably satisfactory to the Representative; provided that if the credit agreement governing the
New Senior Secured Credit Facilities is not signed, the Representative may not waive the condition
described in clause (a) of this Section 6(l) without the Company’s consent.
All opinions, letters, certificates and evidence mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.
7. Indemnification and Contribution.
(a) Indemnification of the Underwriters. The Company and each of the Guarantors jointly and
severally agree to indemnify and hold harmless each Underwriter, its affiliates, directors and
officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, legal fees and other expenses incurred in
connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are
incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement or caused by
any omission or alleged omission to state therein a material fact required
to be stated therein or necessary in order to make the statements therein, not misleading,
(ii) or any untrue statement or alleged untrue statement of a material fact contained in the
Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time
of Sale Information, or caused by any omission or alleged omission to state therein a material fact
necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, in each case except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to
21
any
Underwriter furnished to the Company in writing by such Underwriter through the Representative
expressly for use therein.
(b) Indemnification of the Company and the Guarantors. Each Underwriter agrees, severally and
not jointly, to indemnify and hold harmless the Company, each of the Guarantors, each of their
respective directors, their respective officers who signed the Registration Statement and each
person, if any, who controls the Company or any of the Guarantors within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set
forth in paragraph (a) above, but only with respect to any and all losses, claims, damages or
liabilities (or actions and proceedings in respect thereof) that arise out of, or are based upon,
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and
in conformity with any information relating to such Underwriter furnished to the Company in writing
by such Underwriter through the Representative expressly for use in the Registration Statement, the
Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time
of Sale Information, it being understood and agreed that the only such information consists of the
following: the concession and reallowance figures appearing in the third paragraph under the
caption “Underwriting”, the information contained in the third and fourth sentences of the fifth
paragraph under the caption “Underwriting” and the information contained in the ninth paragraph
under the caption “Underwriting.
(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in
respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such
person (the “Indemnified Person”) shall promptly notify the person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under this Section 7 except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section 7. If any
such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably
satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified
Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to Section 7 that the Indemnifying Party may designate in such
proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and
expenses of counsel related to such proceeding, as incurred. In any such proceeding, any
Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying
Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the
Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory
to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there
may be legal defenses available to it that are different from or in addition to those available to
the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood and agreed that the Indemnifying
22
Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm for any Underwriter, its affiliates, directors and officers and any control persons
of such Underwriter shall be designated in writing by X.X. Xxxxxx Securities Inc. and any such
separate firm for the Company, the Guarantors, their respective directors, their respective
officers who signed the Registration Statement and any control persons of the Company shall be
designated in writing by the Company. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each
Indemnified Person from and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested
that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as
contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more than 30
days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person
shall not have reimbursed the Indemnified Person in accordance with such request prior to the date
of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release
of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (y) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.
(d) Contribution. If the indemnification provided for in paragraphs (a) and (b) above is
unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) (i)
in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Guarantors on the one hand and the Underwriters on the other from the offering of the
Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) but also the relative fault of the Company and the Guarantors on the one hand and the
Underwriters on the other in connection with the statements or omissions that resulted in such
losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and the Underwriters on the other shall be deemed
to be in the same respective proportions as the net proceeds (before deducting expenses) received
by the Company from the sale of the Securities and the total underwriting discounts and commissions
received by the Underwriters on the other in connection therewith, in each case as set forth in the
table on the cover of the Prospectus, bear to the aggregate offering price of the Securities. The
relative fault of the Company and the Guarantors on the one hand and the Underwriters on the other
shall be determined by reference to, among other things, whether the
23
untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or any Guarantor or by the Underwriters and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.
(e) Limitation on Liability. The Company, the Guarantors and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this Section 7 were determined by
pro rata allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified
Person in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 7, in no event shall an Underwriter be required to contribute any amount
in excess of the amount by which the total underwriting discounts and commissions received by such
Underwriter with respect to the offering of the Securities exceeds the amount of any damages that
such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations
to contribute pursuant to this Section 7 are several in proportion to their respective purchase
obligations hereunder and not joint.
(f) Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any Indemnified Person
at law or in equity.
8. Effectiveness of Agreement. This Agreement shall become effective upon the execution and delivery hereof by the
parties hereto.
9. Termination. This Agreement may be terminated in the absolute discretion of the Representative, by
notice to the Company, if after the execution and delivery of this Agreement and prior to the
Closing Date (i) trading generally shall have been suspended or materially limited on the New York
Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or
guaranteed by the Company shall have been suspended on any exchange or in any over the counter
market; (iii) a general moratorium on commercial banking activities shall have been declared by
federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation
of hostilities or any change in financial markets or any material disruption in securities
settlement and clearance services or any calamity or crisis, either within or outside the United
States, that, in the judgment of the Representative, is material and adverse and makes it
impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on
the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the
Prospectus.
10. Defaulting Underwriter. (a) If, on the Closing Date, any Underwriter defaults on its obligation to purchase the
Securities that it has agreed to purchase hereunder, the non-
24
defaulting Underwriters may in their
discretion arrange for the purchase of such Securities by other persons satisfactory to the Company
on the terms contained in this Agreement. If, within 36 hours after any such default by any
Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Securities,
then the Company shall be entitled to a further period of 36 hours within which to procure other
persons satisfactory to the non-defaulting Underwriters to purchase such Securities on such terms.
If other persons become obligated or agree to purchase the Securities of a defaulting Underwriter,
either the non defaulting Underwriters or the Company may postpone the Closing Date for up to five
full business days in order to effect any changes that in the opinion of counsel for the Company or
counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or
in any other document or arrangement, and the Company agrees to promptly prepare any amendment or
supplement to the Registration Statement and the Prospectus that effects any such changes. As used
in this Agreement, the term “Underwriter” includes, for all purposes of this Agreement unless the
context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this
Section 10, purchases Securities that a defaulting Underwriter agreed but failed to purchase.
(b) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities,
then the Company shall have the right to require each non-defaulting Underwriter to purchase the
principal amount of Securities that such Underwriter agreed to purchase hereunder plus such
Underwriter’s pro rata share (based on the principal amount of Securities that such
Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or
Underwriters for which such arrangements have not been made.
(c) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b) above, then this Agreement shall
terminate without liability on the part of the non-defaulting Underwriters. Any termination of
this Agreement pursuant to this Section 10 shall be without liability on the part of the
Company, except that the Company will continue to be liable for the payment of expenses as set
forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate
and shall remain in effect.
(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may
have to the Company or any non-defaulting Underwriter for damages caused by its default.
11. Payment of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or this
Agreement is terminated, the Company and each of the Guarantors jointly and severally agree to pay
or cause to be paid all costs and expenses incident to the performance of their respective
obligations hereunder, including without limitation, (i) the costs incident to the authorization,
issuance, sale, preparation and delivery of the Securities and any taxes payable in that
connection; (ii) the costs incident to the preparation, printing and filing under the Securities
Act of the Registration Statement, the Preliminary Prospectus, any Issuer
25
Free Writing Prospectus,
any Time of Sale Information and the Prospectus (including all exhibits, amendments and supplements
thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the
Transaction Documents; (iv) the fees and expenses of the Company’s and the Guarantors’ counsel and
independent accountants; (v) the fees and expenses incurred in connection with the registration or
qualification and determination of eligibility for investment of the Securities under the laws of
such jurisdictions as the Representative may designate and the preparation, printing and
distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the
Underwriters subject to a maximum amount of $10,000); (vi) any fees charged by rating agencies for
rating the Securities; (vii) the fees and expenses of the Trustee and any paying agent (including
related fees and expenses of any counsel to such parties); (viii) all expenses and application fees
incurred in connection with any filing with, and clearance of the offering by, FINRA; and (ix) all
expenses incurred by the Company (but not the Underwriters) in connection with any “road show”
presentation to potential investors.
(b) If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason
fails to tender the Securities for delivery to the Underwriters or (iii) the Underwriters decline
to purchase the Securities for any reason permitted under this Agreement, the Company agrees to
reimburse the Underwriters for all out-of-pocket costs and expenses (including the reasonable fees
and expenses of their counsel) reasonably incurred by the Underwriters in connection with this
Agreement and the offering contemplated hereby.
12. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and the officers and directors and any controlling persons referred to
herein, and the affiliates of each Underwriter referred to in Section 7 hereof. Nothing in this
Agreement is intended or shall be construed to give any other person any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision contained herein. No
purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason of
such purchase.
13. Survival. The respective indemnities, rights of contribution, representations, warranties and
agreements of the Company, the Guarantors and the Underwriters contained in this Agreement or made
by or on behalf of the Company, the Guarantors or the Underwriters pursuant to this Agreement or
any certificate delivered pursuant hereto shall survive the delivery of and payment for the
Securities and shall remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of the Company or the Underwriters.
14. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business
day” means any day other than a day on which banks are permitted or required to be closed in New
York City; and (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities
Act.
15. Miscellaneous. (a) Authority of the Representative. Any action by the Underwriters hereunder may be
taken by X.X. Xxxxxx Securities Inc. on behalf of the
26
Underwriters, and any such action taken by
X.X. Xxxxxx Securities Inc. shall be binding upon the Underwriters.
(b) Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of
telecommunication. Notices to the Underwriters shall be given to the Representative c/o X.X.
Xxxxxx Securities Inc., 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (fax: (000) 000-0000); Attention:
Xxxxxx Xxxx. Notices to the Company shall be given to it at Hanesbrands Inc., 0000 Xxxx Xxxxx Xxxx
Xxxx, Xxxxxxx-Xxxxx, Xxxxx Xxxxxxxx 00000 (fax: (000) 000-0000), Attention: Xxxx X. Xxxxxxx,
General Counsel, with a copy to Xxxxxx X. Xxxxx, P.C., Xxxxxxxx & Xxxxx LLP, 000 Xxxxx XxXxxxx
Xxxxxx, Xxxxxxx, XX 00000 (fax: (000) 000-0000).
(c) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.
(d) Counterparts. This Agreement may be signed in counterparts (which may include
counterparts delivered by any standard form of telecommunication), each of which shall be an
original and all of which together shall constitute one and the same instrument.
(e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any
consent or approval to any departure therefrom, shall in any event be effective unless the same
shall be in writing and signed by the parties hereto.
(f) Headings. The headings herein are included for convenience of reference only and are not
intended to be part of, or to affect the meaning or interpretation of, this Agreement.
27
If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below.
Very truly yours, HANESBRANDS INC. |
||||
By | /s/ E. Xxx Xxxxx Xx. | |||
Name: | E. Xxx Xxxxx Xx. | |||
Title: | Executive Vice President, Chief Financial Officer | |||
On behalf of each of the Guarantors listed below: BA INTERNATIONAL, L.L.C. CARIBESOCK, INC. CARIBETEX, INC. CASA INTERNATIONAL, LLC CEIBENA DEL, INC. XXXXX MENSWEAR, LLC XXXXX PUERTO RICO, INC. HANESBRANDS DIRECT, LLC HANESBRANDS DISTRIBUTION, INC. HBI BRANDED APPAREL ENTERPRISES, LLC HBI BRANDED APPAREL LIMITED, INC. HBI INTERNATIONAL, LLC HBI SOURCING, LLC INNER SELF LLC JASPER-COSTA RICA, L.L.C. PLAYTEX DORADO, LLC PLAYTEX INDUSTRIES, INC. SEAMLESS TEXTILES, LLC UPCR, INC. UPEL, INC. |
||||
By | /s/ Xxxxxxx X. Xxxx | |||
Name: | Xxxxxxx X. Xxxx | |||
Title: | Treasurer |
28
Accepted: December 3, 2009 X.X. XXXXXX SECURITIES INC. For itself and on behalf of the several Underwriters listed in Schedule 1 hereto. |
||||
By | /s/ Xxxxx X. Xxxxx | |||
Name: Xxxxx X. Xxxxx | ||||
Title: Executive Director | ||||
Schedule 1
Underwriter | Principal Amount | |||
X.X. Xxxxxx Securities Inc. |
$ | 137,500,000 | ||
Banc of America Securities LLC |
100,000,000 | |||
HSBC Securities (USA) Inc. |
100,000,000 | |||
Xxxxxxx, Xxxxx & Co. |
75,000,000 | |||
Barclays Capital Inc. |
50,000,000 | |||
BB&T
Capital Markets, a division of Xxxxx & Xxxxxxxxxxxx, LLC |
12,500,000 | |||
PNC Capital Markets LLC |
12,500,000 | |||
RBC Capital Markets Corporation |
12,500,000 | |||
Total |
$ | 500,000,000 |
S-1-1
Schedule 2
Guarantors
BA International, L.L.C.
Caribesock, Inc.
Caribetex, Inc.
CASA International, LLC
Ceibena Del, Inc.
Xxxxx Menswear, LLC
Xxxxx Puerto Rico, Inc.
Hanesbrands Direct, LLC
Hanesbrands Distribution, Inc.
HBI Branded Apparel Enterprises, LLC
HBI Branded Apparel Limited, Inc.
HbI International, LLC
HBI Sourcing, LLC
Inner Self LLC
Jasper-Costa Rica, L.L.C.
Playtex Dorado, LLC
Playtex Industries, Inc.
Seamless Textiles, LLC
UPCR, Inc.
UPEL, Inc.
Caribesock, Inc.
Caribetex, Inc.
CASA International, LLC
Ceibena Del, Inc.
Xxxxx Menswear, LLC
Xxxxx Puerto Rico, Inc.
Hanesbrands Direct, LLC
Hanesbrands Distribution, Inc.
HBI Branded Apparel Enterprises, LLC
HBI Branded Apparel Limited, Inc.
HbI International, LLC
HBI Sourcing, LLC
Inner Self LLC
Jasper-Costa Rica, L.L.C.
Playtex Dorado, LLC
Playtex Industries, Inc.
Seamless Textiles, LLC
UPCR, Inc.
UPEL, Inc.
X-0-0
Xxxxx X-0
Form of Opinion of Xxxxxxxx & Xxxxx LLP
X-0
Xxxxxxxx 00, 0000
X.X. Xxxxxx Securities Inc.
and the other several underwriters
named in Schedule A hereto
and the other several underwriters
named in Schedule A hereto
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Re: | Offering of $500,000,000 aggregate principal
amount of 8.000% Senior Notes due 2016 of Hanesbrands Inc. |
Ladies and Gentlemen:
We are issuing this letter in our capacity as special counsel for Hanesbrands Inc., a Maryland
corporation (the “Company”), and the Guarantors (as defined below) with respect to the matters
described herein. This letter is being delivered in response to the requirement in Section 6(g) of
the Underwriting Agreement, dated December 3, 2009 (the “Underwriting Agreement”), among the
Company, the guarantors listed on Schedule B hereto (the “Guarantors”) and X.X. Xxxxxx
Securities, Inc., as representative of the several Underwriters named in Schedule A hereto
(collectively, “you” or the “Underwriters”) relating to the sale by the Company to the Underwriters
of $500,000,000 aggregate principal amount of the Company’s 8.000% Senior Notes due 2016 (the
“Notes”) to be issued under the Indenture, dated as of August 1, 2008 (the “Base Indenture”),
between the Company and Branch Banking and Trust Company, as trustee (the “Trustee”), as
supplemented by the First Supplemental Indenture thereto dated as of the date hereof among the
Company, the Guarantors and the Trustee (together with the Base Indenture, the “Indenture”). The
Notes are expected to be guaranteed pursuant to the guarantees to be issued by the Guarantors on
the date hereof pursuant to the terms of the Indenture (the “Guarantees,” and together with the
Notes, the “Securities”).
In connection with the preparation of this letter, we have among other things read:
(a) | the registration statement, including the Incorporated Documents (as defined below), (the “Registration Statement”) on Form S-3ASR (Registration No. 333-152733) filed by the Company with the Securities and Exchange Commission (the “Commission”) on August 1, 2008 for the purpose of registering the offering of the Securities under the Securities Act of 1933, as amended (the “Securities Act”); |
(b) | the Company’s base prospectus, dated August 1, 2008, as supplemented by the Company’s preliminary prospectus supplement, dated as of November 30, 2009, filed by the Company pursuant to Rule 424(b) of the Commission, relating to the offering and sale of the Securities, as supplemented or amended by the Free Writing Prospectus dated December 3, 2009, containing, among other things, certain pricing and other terms of the Notes, and the Incorporated Documents (collectively, the “Time of Sale Information”); | ||
(c) | the Company’s base prospectus, dated August 1, 2008, as supplemented by the Company’s final prospectus supplement, dated December 3, 2009, relating to the offering and sale of the Securities (the “Prospectus”); | ||
(d) | the documents specifically incorporated by reference or deemed to be incorporated by reference in the Time of Sale Information, the Registration Statement and the Prospectus (together, the “Incorporated Documents”); | ||
(e) | an executed copy of the Underwriting Agreement; | ||
(f) | an executed copy of the Indenture; | ||
(g) | the executed Notes and the executed Guarantees; | ||
(h) | certified copies of the certificates of incorporation, certificates of formation, by-laws, limited liability company agreements or operating agreements of the entities identified in Schedule B, as applicable (the “Organizing Documents”); | ||
(i) | a certified copy of resolutions adopted by the members and the management committee, manager, management board or boards of directors, as the case may be, of the Company and each of the Guarantors relating to the offering, sale and issuance of the Securities; | ||
(j) | certificates of good standing, with respect to the Company and each of the Guarantors, as supplemented by electronic bringdowns thereof dated the date hereof; | ||
(k) | the certificate of Xxxx X. Xxxxxxx, Secretary of the Company, dated the date hereof, including all exhibits thereto; | ||
(l) | the certificate of Xxxxxxx Xxxx, Treasurer of the Company, dated the date hereof, furnished to the Underwriters pursuant to Section 6(e) of the Underwriting Agreement; |
2
(m) | copies of all certificates and other documents delivered in connection with the sale of the Securities on the date hereof and the consummation of the other transactions contemplated by the Underwriting Agreement; | ||
(n) | copies of the documents listed on Schedule C hereto; and | ||
(o) | such other records, certificates and documents as we have deemed necessary or appropriate in order to deliver the advice set forth herein. |
The Underwriting Agreement, the Indenture, and the Securities, are collectively referred to
herein as the “Transaction Documents.”
Subject to the assumptions, qualifications, exclusions and other limitations which are
identified in this letter, we advise you that:
1. | Each of the Guarantors is a corporation or limited liability company existing and in good standing under the relevant law of its state of incorporation or formation, as the case may be, and as set forth on Schedule B. The Company is in good standing under the jurisdictions set forth on Schedule D. | ||
2. | Each of the Guarantors has full corporate power or limited liability company power and authority to own, lease and operate its properties and conduct its business as described in the Time of Sale Information and the Prospectus. | ||
3. | The Underwriting Agreement has been duly authorized, executed and delivered by each of the Guarantors and duly executed and delivered by the Company. | ||
4. | The Indenture has been duly authorized, executed and delivered by each of the Guarantors and duly executed and delivered by the Company and, assuming due authorization by the Company, and due authorization, execution and delivery by the Trustee, the Indenture is a valid and binding obligation of the Company and each of the Guarantors and is enforceable against the Company and each of the Guarantors in accordance with its terms. | ||
5. | The Notes have been duly executed and delivered by the Company and, when paid for by the Underwriters in accordance with the Underwriting Agreement (assuming the due authorization of the Indenture by the Trustee and the Company and due authentication and delivery of the Notes by the Trustee in accordance with the Indenture), the Notes will constitute valid and binding obligations of the Company, and will be enforceable against the Company in accordance with their terms. |
3
6. | The Guarantees have been duly authorized by each of the Guarantors and, when the Notes are issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement and the Indenture, will constitute the legal, valid and binding obligations of each of the Guarantors enforceable against each of the Guarantors in accordance with their terms. | ||
7. | The statements in the Time of Information and the Prospectus under the headings “Description of Notes” and “Description of Other Indebtedness” insofar as such statements purport to summarize terms of the Securities, the Indenture or other documents referred to therein, are correct in all material respects. | ||
8. | The Company and each of the Guarantors, as applicable, is not required to obtain any consent, approval, authorization or other order of, or registration or filing with, any court or other governmental, administrative or regulatory authority or agency under any Specified Law for the Company’s and each of the Guarantor’s execution, delivery and performance of the Transaction Documents, except (A) as have already been obtained or made and are in full force and effect and (B) as required under applicable state securities or blue sky laws, or the rules and regulations of the Financial Industry Regulatory Authority, Inc. | ||
9. | The execution and delivery of the Transaction Documents by the Company and the Guarantors and the performance by the Company and the Guarantors of their respective obligations thereunder do not and will not (i) result in any violation of any Specified Law, (ii) constitute a violation, or result in a breach or default, under any existing obligation of the Company or its Subsidiaries under any provision of any Specified Contract (provided that we express no opinion as to compliance with any financial test or cross-default provision in any such Specified Contract), or (iii) conflict or violate any of the terms or provisions of the Certificate of Incorporation or By-Laws of the Company or any of the Guarantors. | ||
10. | None of the Company or any of the Guarantors is, and after giving effect to the application of proceeds as set forth under “Use of Proceeds” in the Time of Sale Information and the Prospectus, will be an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. | ||
11. | The Registration Statement, at the time it became effective, and the Prospectus, as of its date, appeared on their faces to have complied as to form in all material respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, except that in each case we do not express any opinion as to any financial statements, financial and accounting data, or supporting schedules (or any notes to any such statements or schedules) or other financial or |
4
statistical information derived therefrom in (or omitted from) the Registration Statement or the Prospectus. |
Assuming the accuracy of the representations and warranties of the Company set forth in the
Underwriting Agreement, (i) the Registration Statement became effective upon filing with the
Commission pursuant to Rule 462 of the Securities Act; and (ii) the Indenture has been qualified
under the Trust Indenture Act of 1939, as amended. We have been orally advised by the staff of the
Commission that no stop order suspending the effectiveness of the Registration Statement has been
issued under the Securities Act. To the best of our knowledge, no proceedings for that purpose have
been instituted or are pending or threatened by the Commission. Any required filing of the
Prospectus by the Company pursuant to Rule 424(b) of the Securities Act has been made in the manner
and within the time period required by such rule.
Except as described above, we have not undertaken any investigation to determine the facts
upon which the advice in this letter is based.
Each opinion (an “enforceability opinion”) in this letter that any particular contract is a
valid and binding obligation or is enforceable in accordance with its terms is subject to: (i) the
effect of bankruptcy, insolvency, fraudulent conveyance and other similar laws and judicially
developed doctrines in this area such as substantive consolidation and equitable subordination;
(ii) the effect of general principles of equity; and (iii) other commonly recognized statutory and
judicial constraints on enforceability, including statutes of limitations. “General principles of
equity” include but are not limited to: principles limiting the availability of specific
performance and injunctive relief; principles which limit the availability of a remedy under
certain circumstances where another remedy has been elected; principles requiring reasonableness,
good faith and fair dealing in the performance and enforcement of an agreement by the party seeking
enforcement; principles which may permit a party to cure a material failure to perform its
obligations; and principles affording equitable defenses such as waiver, laches and estoppel. It
is possible that terms in a particular contract covered by our enforceability opinion may not prove
enforceable for reasons other than those explicitly cited in this letter should an actual
enforcement action be brought, but (subject to all the exceptions, qualifications, exclusions and
other limitations contained in this letter) such unenforceability would not in our view prevent the
party entitled to enforce that contract from realizing the principal benefits purported to be
provided to that party by the terms in that contract which are covered by our enforceability
opinion. To the extent any opinion relates to the enforceability of the choice of New York law and
choice of New York forum provisions of the Transaction Documents, our opinion is rendered in
reliance upon N.Y. Gen. Oblig. Law §§ 5-1401, 5-1402 (XxXxxxxx 2001) and N.Y. C.P.L.R. 327(b)
(XxXxxxxx 2001) and is subject to the qualification that such enforceability may be limited by
public policy considerations.
We have assumed for purposes of this letter: each document we have reviewed for purposes of
this letter is accurate and complete, each such document that is an original is
5
authentic, each such document that is a copy conforms to an authentic original, and all
signatures on each such document are genuine; that each such document was duly authorized, executed
and delivered (other than with respect to the authorization by the Guarantors and execution and
delivery by the Company and the Guarantors) and each constitutes a valid and binding obligation of
each party to that document (other than the Company and the Guarantors) and that each such party
(other than the Company and the Guarantors) has satisfied all legal requirements that are
applicable to such party to the extent necessary to entitle such party to enforce such agreement;
and that you have acted in good faith and without notice of any fact which has caused you to reach
any conclusion contrary to any of the advice provided in this letter.
Whenever this letter provides advice about (or based upon) our knowledge of any particular
information or about any information which has or has not come to our attention such advice is
based entirely on the actual knowledge obtained in acting as legal counsel to the Company at the
time this letter is delivered on the date it bears by the following lawyers currently with Xxxxxxxx
& Xxxxx LLP (after consultation with such attorneys of the firm as we deemed appropriate) who have
represented the Company in connection with (i) the offering contemplated by the Time of Sale
Information and the Prospectus, (ii) the Transactions (as such term is defined in the Time of Sale
Information) and (iii) any prior offerings of securities of the
Company: Xxxxxx X. Xxxxx, P.C., Xxxxx X.
Xxxxx, P.C., Xxxxxxxx X. Xxxx, Xxx Xxxxxx, Xxxxxxx Xxxxx, Xxxxxxx Xxx, J. Xxxxxxx Xxxxxxxxx and
Xxxxxx Xxxx.
In preparing this letter we have relied without independent verification upon: (i) information
contained in certificates obtained from governmental authorities; (ii) factual information
represented to be true in the Underwriting Agreement and other documents specifically identified at
the beginning of this letter as having been read by us; (iii) factual information provided to us by
the Company or its representatives; and (iv) factual information we have obtained from such other
sources as we have deemed appropriate. We have also, without conducting any research or
investigation with respect thereto, relied upon the opinion of Xxxxxxx LLP for certain matters of
Maryland law, and upon the opinion of Xxxxx & Xxxxxxx LLP for certain matters of Colorado law. We
have assumed that there has been no relevant change or development between the dates as of which
the information cited in the preceding sentence was given and the date of this letter and that the
information upon which we have relied is accurate and does not omit disclosures necessary to
prevent such information from being misleading. For purposes of numbered paragraph 1, we have
relied exclusively upon certificates issued by governmental authorities in the relevant
jurisdiction and such opinion is not intended to provide any conclusion or assurance beyond that
conveyed by those certificates. We have made other assumptions which we have deemed appropriate
for this letter.
Our advice on every legal issue addressed in this letter is based exclusively on the internal
law of the State of New York, the General Corporation Law of the State of Delaware, the Limited
Liability Company Act of the State of Delaware, or the federal law of the United States to the
extent specifically referred to herein (the “Specified Laws”), and represents our
6
view as to how that issue would be resolved were it to be considered by the highest court in
the jurisdiction which enacted such law. In our view, New York state courts would apply New York
state law to resolve state law issues arising under the Transaction Documents. We express no view
as to what law might be applied by any other courts to resolve any issue addressed by our letter
and we express no view as to whether any relevant difference exists between the laws upon which our
advice is based and any other laws which may actually be applied to resolve issues which may arise
under the Transaction Documents. The manner in which any particular issue would be treated in any
actual court case would depend in part on facts and circumstances particular to the case and would
also depend on how the court involved chose to exercise the wide discretionary authority generally
available to it. This letter is not intended to guarantee the outcome of any legal dispute which
may arise in the future.
None of the advice contained in this letter considers or covers: (i) any state securities (or
“blue sky”) laws or regulations, (ii) any financial statements or supporting schedules (or any
notes to any such statements or schedules) or other financial information set forth in (or omitted
from) the Preliminary Prospectus and the Prospectus or (iii) any rules and regulations of the
Financial Industry Regulatory Authority, Inc. This letter does not cover any other laws, statutes,
governmental rules or regulations or decisions which in our experience are not usually considered
for or covered by opinions like those contained in this letter or are not generally applicable to
transactions of the kind covered by the Underwriting Agreement.
This letter speaks as of the time of its delivery on the date it bears. We do not assume any
obligation to provide you with any subsequent advice.
This letter is being furnished to you solely in your capacity as underwriters in connection
with the sale of the Securities to you pursuant to and as contemplated by the Underwriting
Agreement and may only be relied upon by you in your capacity as such. Without our written
consent: (i) no person (including, without limitation, subsequent purchasers of the Securities)
other than you may rely on this letter for any purpose; (ii) this letter may not be cited or quoted
in any financial statements, prospectus, private placement memorandum or other similar document;
(iii) this letter may not be cited or quoted in any other document or communication which might
encourage reliance upon this letter by any person or for any purpose excluded by the restrictions
in this paragraph; and (iv) copies of this letter may not be furnished to anyone for purposes of
encouraging such reliance.
Sincerely,
XXXXXXXX & XXXXX LLP
7
Schedule A
Underwriters
X.X. Xxxxxx Securities Inc.
Banc of America Securities LLC
HSBC Securities (USA) Inc.
Xxxxxxx, Xxxxx & Co.
Barclays Capital Inc.
BB&T Capital Markets, a division of Xxxxx & Xxxxxxxxxxxx, LLC
PNC Capital Markets LLC
RBC Capital Markets Corporation
Banc of America Securities LLC
HSBC Securities (USA) Inc.
Xxxxxxx, Xxxxx & Co.
Barclays Capital Inc.
BB&T Capital Markets, a division of Xxxxx & Xxxxxxxxxxxx, LLC
PNC Capital Markets LLC
RBC Capital Markets Corporation
Schedule B
Jurisdiction of | ||
Name of Guarantor | Formation/Incorporation | |
BA International, L.L.C.
|
Delaware | |
Caribesock, Inc.
|
Delaware | |
Caribetex, Inc.
|
Delaware | |
CASA International, LLC
|
Delaware | |
Ceibena Del, Inc.
|
Delaware | |
Xxxxx Menswear, LLC
|
Delaware | |
Xxxxx Puerto Rico, Inc.
|
Delaware | |
Hanesbrands Distribution, Inc.
|
Delaware | |
HBI Branded Apparel Limited, Inc.
|
Delaware | |
HBI Branded Apparel Enterprises, LLC
|
Delaware | |
HbI International, LLC
|
Delaware | |
HBI Sourcing, LLC
|
Delaware | |
Inner Self LLC
|
Delaware | |
Jasper-Costa Rica, L.L.C.
|
Delaware | |
Playtex Dorado, LLC
|
Delaware | |
Playtex Industries, Inc.
|
Delaware | |
Seamless Textiles, LLC
|
Delaware | |
UPCR, Inc.
|
Delaware | |
UPEL, Inc.
|
Delaware |
Schedule C
Company’s Material Contracts
1. | Rights Agreement, dated as of September 1, 2006, between Hanesbrands Inc. and Computershare Trust Company, N.A. | |
2. | Form of Rights Certificate, pursuant to the Rights Agreement, dated as of September 1, 2006, between Hanesbrands Inc. and Computershare Trust Company, N.A. | |
3. | Master Separation Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
4. | Tax Sharing Agreement, dated as of August 31, 2006, by and among Xxxx Xxx Corporation and its Affiliates and Hanesbrands Inc. and its Affiliates | |
5. | Employee Matters Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
6. | Master Transition Services Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
7. | Real Estate Matters Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
8. | Indemnification and Insurance Matters Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
9. | Intellectual Property Matters Agreement, dated as of August 31, 2006, between Xxxx Xxx Corporation and Hanesbrands Inc. | |
10. | Indenture, dated as of December 14, 2006, among Hanesbrands Inc., certain subsidiaries of Hanesbrands Inc., and Branch Banking and Trust Company, as Trustee. | |
11. | First Lien Credit Agreement dated September 5, 2006 (the “Senior Secured Credit Facility”) among the Company the various financial institutions and other persons from time to time party thereto, HSBC Bank USA, National Association, LaSalle Bank National Association, Barclays Bank PLC, Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, Xxxxxx Xxxxxxx Senior Funding, Inc., Citicorp USA, Inc. and Citibank, N.A., as amended through the date of this opinion letter. | |
12. | Second Lien Credit Agreement dated September 5, 2006 (the “Second Lien Credit Agreement”) among HBI Branded Apparel Limited, Inc., Hanesbrands Inc., the various financial institutions and other persons from time to time party thereto, HSBC Bank USA, National Association, LaSalle Bank National Association, Barclays Bank PLC, Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, Xxxxxx Xxxxxxx Senior Funding, Inc., Citicorp USA, Inc. and Citibank, N.A., as amended through the date of this opinion letter. |
13. | Receivables Purchase Agreement dated as of November 27, 2007 among HBI Receivables LLC and the Registrant, JPMorgan Chase Bank, N.A., HSBC Bank USA, National Association, Falcon Asset Securitization Company LLC, Bryant Park Funding LLC, and HSBC Securities (USA) Inc., as amended through the date of this opinion letter. |
14. | Amended and Restated Credit Agreement, dated on or about December 10, 2009, among the Company as borrower, the various financial institutions and other persons from time to time party thereto as lenders, Barclays Bank PLC and Xxxxxxx Xxxxx Credit Partners L.P., as the co-documentation agents, Bank of America, N.A. and HSBC Securities (USA) Inc., as the co-syndication agents, JPMorgan Chase Bank, N.A., as the administrative agent and the collateral agent, and JPMorgan Securities Inc., Banc of America Securities LLC, HSBC Securities (USA) Inc. and Barclays Capital, as the joint lead arrangers and joint bookrunners. |
Schedule D
Company’s Jurisdictions of Good Standing
Alaska
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
District of Columbia
Delaware
Florida
Georgia
Hawaii
Iowa
Idaho
Illinois
Indiana
Kansas
Kentucky
Lousiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Carolina
North Dakota
Nebraska
New Hampshire
New Jersey
New Mexico
New York
Nevada
Ohio
Oklahoma
Oregon
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
District of Columbia
Delaware
Florida
Georgia
Hawaii
Iowa
Idaho
Illinois
Indiana
Kansas
Kentucky
Lousiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Carolina
North Dakota
Nebraska
New Hampshire
New Jersey
New Mexico
New York
Nevada
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
West Virginia
Wyoming
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
West Virginia
Wyoming
Annex A-2
Form of Opinion of Xxxxx & Xxxxxxx LLP, Special Colorado Counsel to the Company
X-0
Xxxxx & Xxxxxxx XXX | ||
Xxx Xxxxx Xxxxxx, Xxxxx 0000 | ||
0000 Xxxxxxxxxxx Xxxxxx | ||
Xxxxxx, XX 00000 | ||
x0.000.000.0000 Tel | ||
x0.000.000.0000 Fax | ||
xxx.xxxxx.xxx |
December 10, 2009
X.X. Xxxxxx Securities Inc.
and the other several Underwriters Listed
in Schedule 1 to the Underwriting Agreement
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
and the other several Underwriters Listed
in Schedule 1 to the Underwriting Agreement
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
We are acting as special Colorado counsel to Hanesbrands Direct, LLC, a Colorado limited
liability company (the “Colorado Guarantor”), in connection with the issuance and sale pursuant to
Indenture, dated as of August 1, 2008 (the “Base Indenture”), as supplemented by the Supplemental
Indenture, dated as of December 10, 2009 (the “Supplemental Indenture,” and together with the Base
Indenture, the “Indenture”) among Hanesbrands Inc., a Maryland corporation (the “Issuer”), the
Colorado Guarantor and the other guarantors named therein, and Branch Banking and Trust Company, as
trustee (the “Trustee”), of $500,000,000 in aggregate principal amount of the Issuer’s 8.00% Senior
Notes due 2016 (the “Notes”), guaranteed as to payment of principal, premium, if any, and interest
on the Notes on an unsecured senior basis by the Colorado Guarantor (the “Colorado Guarantee”) and
certain other guarantors (such guarantees together with the Colorado Guarantee, the “Guarantees”),
and the sale of the Notes pursuant to an Underwriting Agreement, dated as of December 3, 2009 (the
“Agreement”) among the Issuer, you (collectively with the other underwriters named therein, the
“Underwriters”), the Colorado Guarantor and the other guarantors named therein. This opinion
letter is furnished to you pursuant to the requirements set forth in Section 6(g) of the Agreement
in connection with the closing thereunder on the date hereof. Capitalized terms used herein that
are defined in the Agreement shall have the meanings set forth in the Agreement, unless otherwise
defined herein
For purposes of the opinions, which are set forth in paragraphs (a) through (f) below (the
“Opinions”), and the other statements made in this letter, we have examined copies of the documents
listed on Schedule 1 attached hereto (the “Documents”). We believe the Documents
X.X. Xxxxxx Securities Inc. et. al
December 10, 2009
Page 2
December 10, 2009
Page 2
provide an appropriate basis on which to render the opinions hereinafter expressed. The Agreement
and the Indenture are hereafter referred to collectively as the “Transaction Documents.”
In our examination of the Transaction Documents and the other Documents, we have assumed the
genuineness of all signatures, the legal capacity of all natural persons, the accuracy and
completeness of all of the Documents, the authenticity of all originals of the Documents and the
conformity to authentic originals of all of the Documents submitted to us as copies (including
telecopies). As to all matters of fact relevant to the Opinions and other statements made herein,
we have relied on the representations and statements of fact made in the Documents, we have not
independently established the facts so relied on, and we have not made any investigation or inquiry
other than our examination of the Documents. The Opinions are given, and other statements are
made, in the context of the foregoing.
As used in this opinion letter, the phrase “to our knowledge” means the actual knowledge (that
is, the conscious awareness of facts or other information) of lawyers currently in the firm who
have given substantive legal attention to representation of the Colorado Guarantor.
For purposes of this opinion letter, we have assumed that (i) each party to the Transaction
Documents (other than the Colorado Guarantor) has all requisite power and authority under all
applicable laws, regulations and governing documents to execute, deliver and perform its
obligations under the Transaction Documents and each of such other parties has complied with all
legal requirements pertaining to its status as such status relates to its rights to enforce the
Transaction Documents against the Colorado Guarantor, (ii) each of such other parties has duly
authorized, executed and delivered the Transaction Documents to which it is a party, (iii) each of
such other parties is validly existing and in good standing in all necessary jurisdictions, (iv)
each of the Transaction Documents constitutes a valid and legally binding obligation of such other
parties thereto, enforceable against each of such other parties in accordance with its terms, (v)
there has been no mutual mistake of fact or misunderstanding or fraud, duress or undue influence,
in connection with the negotiation, execution or delivery of the Transaction Documents and the
conduct of all parties to the each of the Transaction Documents has complied with any requirements
of good faith, fair dealing and conscionability, and (vi) there are and have been no agreements or
understandings among the parties, written or oral, and there is and has been no usage of trade or
course of prior dealing among the parties that would, in either case, define, supplement or qualify
the terms of any of the Transaction Documents. We have also assumed the validity and
constitutionality of each relevant statute, rule, regulation and agency action covered by this
opinion letter.
For purposes of the opinions set forth in paragraphs (e) and (f) below, we have made the
further assumptions: (i) all orders, judgments, decrees, agreements and contracts would be enforced
as written; (ii) that the Issuer and Colorado Guarantor will not in the future take any
discretionary action (including a decision not to act) permitted under the Transaction Documents
that would result in a violation of law or constitute a breach or default under any order,
judgment, decree, agreement or contract; (iii) that the Issuer and the Colorado Guarantor will
obtain all permits, consents and governmental approvals required in the future, and take all
actions required, which are relevant to subsequent consummation of the transactions
X.X. Xxxxxx Securities Inc. et. al
December 10, 2009
Page 3
December 10, 2009
Page 3
contemplated under the Transaction Documents or performance of the Transaction Documents; and (iv)
that all parties to the Transaction Documents will act in accordance with, and will refrain from
taking any action that is forbidden by, the terms and conditions of the Transaction Documents.
The Opinions are based as to matters of law solely on applicable provisions of Colorado law,
as currently in effect.
Based upon, subject to and limited by the limitations and qualifications set forth in this
opinion letter, we are of the opinion that:
(a) The Colorado Guarantor is a limited liability company duly formed, validly existing and in
good standing under the laws of the State of Colorado.
(b) The Colorado Guarantor has the limited liability company power (i) to execute, deliver and
perform it obligations under the Transaction Documents and (ii) to own, lease and operate its
current properties and to conduct its business in as described in the Time of Sale Information and
the Final Prospectus.
(c) The Transaction Documents have been duly authorized, executed and delivered by the
Colorado Guarantor.
(d) The Colorado Guarantee has been duly authorized and executed by the Colorado Guarantor.
(e) The execution, delivery and performance on the date hereof by the Colorado Guarantor of
the Transaction Documents and the issuance and sale of the Colorado Guarantee do not violate (i)
any Colorado statute or any rule or regulation that has been issued pursuant to any Colorado
statute, (ii) the articles of organization or the limited liability company agreement of the
Colorado Guarantor, as applicable, or (iii) to our knowledge, any court or administrative order,
judgment or decree that names the Colorado Guarantor and is specifically directed to it or any of
its property.
(f) No approval or consent of, or registration or filing with any Colorado governmental agency
is required to be obtained or made by the Colorado Guarantor under the Colorado Limited Liability
Company Act, as amended, in connection with the execution,
delivery and performance on the date hereof by the Colorado Guarantor of the Transaction Documents.
In addition to the assumptions, qualifications, exceptions and limitations elsewhere set forth
in this opinion letter, our opinions expressed above are also subject to the effect of: (i)
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
creditors’ rights (including, without limitation, the effect of statutory and other law regarding
fraudulent conveyances, fraudulent transfers and preferential transfers); and (ii) the exercise of
judicial discretion and the application of principles of equity, good faith, fair dealing,
X.X. Xxxxxx Securities Inc. et. al
December 10, 2009
Page 4
December 10, 2009
Page 4
reasonableness, conscionability and materiality (regardless of whether the applicable agreements
are considered in a proceeding in equity or at law).
Nothing herein shall be construed to cause us to be considered “experts” within the meaning of
Section 11 of the Securities Act of 1933, as amended.
We express no opinion herein as to any other laws and regulations not specifically identified
above (and in particular, we express no opinion as to any effect that such other laws and
regulations may have on the Opinions). The opinions set forth in paragraphs (e) and (f) are based
upon a review of only those laws and regulations that, in our experience, are generally recognized
as applicable to transactions of the type contemplated in the Transaction Documents. We express no
opinion herein as to federal or state securities, antitrust, unfair competition, banking, or tax
laws or regulations or laws or regulations of any political subdivision below the state level.
We assume no obligation to advise you of any changes in the foregoing subsequent to the
delivery of this opinion letter. This opinion letter has been prepared solely for your use in
connection with the closing under the Agreement on the date hereof, and should not be quoted in
whole or in part or otherwise be referred to, and should not be filed with or furnished to any
governmental agency or other person or entity, without the prior written consent of this firm.
Very truly yours, XXXXX & XXXXXXX L.L.P. |
||||
X.X. Xxxxxx Securities Inc. et. al
December 10, 2009
Page 5
December 10, 2009
Page 5
SCHEDULE 1
1. | Executed copy of the Agreement. | ||
2. | Executed copy of the Issuer’s automatic shelf registration statement on Form S-3 (333-152733) (as amended or supplemented, the “Registration Statement”) filed with the Securities and Exchange Commission on August 1, 2008, under the Securities Act of 1933, as amended. | ||
3. | The Preliminary Prospectus Supplement, dated November 30, 2009. | ||
4. | The Prospectus Supplement, dated December 3, 2009 (the “Final Prospectus”). | ||
5. | A copy of the executed form of Notes. | ||
6. | Executed copy of the Indenture. | ||
7. | Executed copy of the Colorado Guarantee. | ||
8. | The Articles of Organization of the Colorado Guarantor, as certified by the Secretary of State of the State of Colorado on November 25, 2009 and certified by the Secretary of the Colorado Guarantor on the date hereof as being complete, accurate and in effect. | ||
9. | Certificate of Good Standing of the Colorado Guarantor issued by the Secretary of State of the State of Colorado dated December 8, 2009. | ||
10. | The Limited Liability Company Agreement of the Colorado Guarantor, as certified by the Secretary of the Colorado Guarantor on the date hereof as being complete, accurate and in effect. | ||
11. | That certain written consents of the Board of Managers of the Colorado Guarantor approving, among other things, the Agreement, the Indenture, the Colorado Guarantee, dated July 31, 2008 and December 2, 2009, as certified by the Secretary of the Colorado Guarantor on the date hereof as being complete, accurate and in effect. |
Annex A-3
Form of Opinion of Xxxxxxx LLP, Special Maryland Counsel to the Company
A-3
December 10, 2009
X.X. Xxxxxx Securities Inc.,
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Branch Banking & Trust Company, as Trustee
under the Indenture referred to below
000 Xxxxx Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxxxx, XX 00000-0000
under the Indenture referred to below
000 Xxxxx Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxxxx, XX 00000-0000
Hanesbrands Inc.
0000 Xxxx Xxxxx Xxxx Xxxx
Xxxxxxx Xxxxx, XX 00000
0000 Xxxx Xxxxx Xxxx Xxxx
Xxxxxxx Xxxxx, XX 00000
Re: Hanesbrands Inc.
Ladies and Gentlemen:
We have served as Maryland counsel to Hanesbrands Inc., a Maryland corporation (the
“Company”), in connection with certain matters of Maryland law arising out of the sale and issuance
by the Company to the Underwriters (as defined below) of $500,000,000 aggregate principal amount of
Senior Notes due 2016 (the “Securities”) pursuant to that certain Underwriting Agreement, dated as
of December 3, 2009 (the “Agreement”), between X.X. Xxxxxx Securities Inc., as representative of
the several underwriters named in Schedule 1 thereto (together, the “Underwriters”), the Company
and the Guarantors named therein.
This opinion is being delivered to you at the request of the Company in connection with
Section 6(g) of the Agreement. Unless otherwise defined herein, capitalized terms used herein have
the meanings given to them in the Agreement. This firm did not participate in the negotiation or
drafting of the Agreement.
In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (hereinafter collectively referred to as the
“Documents”):
X.X. Xxxxxx Securities Inc.,
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 2
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 2
1. The Registration Statement on Form S-3 (No. 333-152733) and all amendments thereto filed by
the Company to date with the Securities and Exchange Commission (the “Commission”) under the
Securities Act of 1933, as amended (the “1933 Act”);
2. The Prospectus, dated August 1, 2008 (the “Base Prospectus”), as supplemented by the
Company’s preliminary prospectus supplement, dated as of November 30, 2009, filed by the Company
pursuant to Rule 424(b) of the Commission, relating to the offering and sale of the Securities, as
supplemented or amended by the Free Writing Prospectus listed on Annex B to the Underwriting
Agreement (collectively, the “Time of Sale Information”);
3. The Base Prospectus, as supplemented by a Prospectus Supplement, dated December 3, 2009,
filed with the Commission pursuant to Rule 424(b) of the General Rules and Regulations promulgated
under the 1933 Act (collectively, the “Prospectus”);
4. The charter of the Company (the “Charter”), certified by the State Department of
Assessments and Taxation of Maryland (the “SDAT”);
5. The Bylaws of the Company (the “Bylaws”), certified as of the date hereof by an officer of
the Company;
6. A certificate of the SDAT as to the good standing of the Company, dated as of a recent
date;
7. The following documents (together, the “Note Documents”):
(a) The Agreement;
(b) The Indenture, dated as of August 1, 2008, among the Company, the guarantors named therein
and Branch Banking & Trust Company, as trustee (the “Trustee”), as supplemented by the Supplemental
Indenture, dated December 10, 2009, by and between the Company, the guarantors named therein and
the Trustee with respect to the Securities (as so supplemented, the “Indenture”); and
(c) The Global Note evidencing the Securities;
X.X. Xxxxxx Securities Inc.,
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 3
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 3
8. Resolutions of the Board of Directors of the Company, or a duly authorized committee
thereof, relating to, among other things, the execution and delivery by the Company of the Note
Documents and the issuance of the Securities, certified as of the date hereof by an officer of the
Company;
9. A certificate executed by an officer of the Company, dated as of the date hereof, relating
to certain factual matters; and
10. Such other documents and matters as we have deemed necessary or appropriate to express the
opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.
In expressing the opinion set forth below, we have assumed the following:
1. Each individual executing any of the Documents, whether on behalf of such individual or
another person, is legally competent to do so.
2. Each individual executing any of the Documents on behalf of a party (other than the
Company) is duly authorized to do so.
3. Each of the parties (other than the Company) executing any of the Documents has duly and
validly executed and delivered each of the Documents to which such party is a signatory, and such
party’s obligations set forth therein are legal, valid and binding and are enforceable in
accordance with all stated terms.
4. All Documents submitted to us as originals are authentic. The form and content of all
Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this
opinion from the form and content of such Documents as executed and delivered. All Documents
submitted to us as certified or photostatic copies conform to the original documents. All
signatures on all Documents are genuine. All public records reviewed or relied upon by us or on
our behalf are true and complete. All representations, warranties, statements and information
contained in the Documents are true and complete. There has been no oral or written modification
of or amendment to any of the Documents, and there has been no waiver of any provision of any of
the Documents, by action or omission of the parties or otherwise.
X.X. Xxxxxx Securities Inc.,
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 4
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 4
The phrase “known to us” is limited to the actual knowledge, without independent inquiry, of
the lawyers at our firm who have performed legal services on behalf of the Company.
Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that:
1. The Company is a corporation duly incorporated and validly existing under the laws of the
State of Maryland and is in good standing with the SDAT.
2. The Company has the corporate power to own, lease and operate its properties and to conduct
its business as described in the Time of Sale Information and the Prospectus under the caption
“Description of Our Business” and to enter into and perform its obligations under the Note
Documents, including the issuance of the Securities.
3. The execution, delivery and performance of its obligations under the Note Documents have
been duly authorized by all necessary corporate action of the Company. The Securities have been
duly authorized by the Company for issuance and sale pursuant to the Agreement and the Indenture.
The Note Documents have been duly executed and, so far as is known to us, delivered by the Company.
4. The execution, delivery and performance by the Company of its obligations under the Note
Documents and the consummation by the Company of the transactions contemplated thereby, including
the sale and issuance of the Securities by the Company, do not and will not conflict with the
Charter or Bylaws or with any judgment, ruling, decree or order known to us, or any statute, rule
or regulation of any court or other government agency or body of the State of Maryland applicable
to the Company. We call your attention to the fact that, in connection with the delivery of this
opinion, we have not ordered or reviewed judgment, lien or any other searches of public or private
records of the Company or its properties.
The foregoing opinion is limited to the substantive laws of the State of Maryland and we do
not express any opinion herein concerning any other law. We express no opinion as to the
applicability or effect of federal or state securities laws, including the securities laws of the
State of Maryland, or as to federal or state laws regarding fraudulent transfers. We note that
each of the Note Documents provides that it shall be governed by the laws of the State of New York.
To the extent that any matter as to which our opinion is expressed herein would be
X.X. Xxxxxx Securities Inc.,
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 5
and the other Underwriters named in Schedule 1
to the Underwriting Agreement referred to below
Branch Banking & Trust Company, as Trustee
Hanesbrands Inc.
December 10, 2009
Page 5
governed by the laws of any jurisdiction other than the State of Maryland, we do not express any
opinion on such matter. Our opinion expressed in paragraph 4 above is based upon our consideration
of only those judgments, rulings, decrees, orders, statutes, rules and regulations of any court or
other government agency or body of the State of Maryland, if any, which, in our experience, are
normally applicable to transactions of the type discussed in such paragraph. The opinion expressed
herein is subject to the effect of judicial decisions which may permit the introduction of parol
evidence to modify the terms or the interpretation of agreements.
The opinion expressed herein is limited to the matters specifically set forth herein and no
other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to
supplement this opinion if any applicable law changes after the date hereof or if we become aware
of any fact that might change the opinion expressed herein after the date hereof.
This opinion is being furnished to you solely for your benefit in connection with the Note
Documents. Accordingly, it may not be relied upon by, quoted in any manner to, or delivered to any
other person or entity (except Xxxxxxxx & Xxxxx LLP, counsel to the Company, and Xxxxxxx Xxxxxxx &
Xxxxxxxx LLP, counsel to the Underwriters, who may rely on this opinion as if it were addressed to
them for the purpose of delivering their opinions of even date herewith pursuant to the Note
Documents) without, in each instance, our prior written consent.
Very truly yours,
Xxxxxxx
LLP
Annex A-4
Form of Certificate of the Company’s General Counsel
I, Xxxx X. Xxxxxxx, the duly appointed Executive Vice President, General Counsel, and
Corporate Secretary of Hanesbrands Inc., a Maryland corporation (the “Company”), pursuant to
Section 6(g) of the Underwriting Agreement dated December ___, 2009 (the “Underwriting Agreement”)
among the Company, the guarantors named therein and X.X. Xxxxxx Securities Inc. as representative
(the “Representative”) of the several underwriters set forth on Schedule 1 thereto (the
“Underwriters”), hereby certify, solely in my capacity as an officer of the Company (and not in my
individual capacity), subject to the limitations set forth herein, that:
Except as described in the Registration Statement, the Time of Sale Information and the
Prospectus, I have no knowledge of any legal, governmental or regulatory actions, suits or
proceedings pending to which the Company or any of its subsidiaries is a party or to which
any property of the Company or any of its subsidiaries is subject which could reasonably be
expected to have a Material Adverse Effect or which could reasonably be expected to
materially and adversely affect the consummation of the transactions contemplated under the
Underwriting Agreement; and to my knowledge, no such actions, suits or proceedings are
threatened by any governmental or regulatory authority or are threatened by others.
For purposes of this certificate, my “knowledge” is based entirely on my conscious awareness
as of the date hereof after consultation with those attorneys in my legal department and outside
counsel whom I have deemed appropriate. I do not assume any obligation to update this certificate
by reason of any fact about which I did not have knowledge as of the date hereof, or for any other
reason. I have relied without independent verification upon factual information provided to me by
the Company and my staff. I have assumed that there has been no relevant change between the dates
as of which the information cited in the preceding sentence was given and the date of hereof.
This certificate is furnished to the Underwriters pursuant to Section 6(g) of the Underwriting
Agreement. Without my prior consent, this certificate may not be relied upon or furnished to any
other person. All capitalized terms which are defined in the Underwriting Agreement and used but
not otherwise defined herein shall have the meanings given in the Underwriting Agreement.
A-4
Annex B
Time of Sale Information
Term sheet in the form of Annex C hereto.
B-1
Annex C
Issuer Free Writing Prospectus Filed Pursuant to Rule 433
(Related to Preliminary Prospectus Supplement Dated November 30, 2009)
Registration No. 333-152733
December 3, 2009
(Related to Preliminary Prospectus Supplement Dated November 30, 2009)
Registration No. 333-152733
December 3, 2009
Hanesbrands Inc.
Pricing Term Sheet
This Pricing Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus
Supplement, dated November 30, 2009. The information in this Pricing Term Sheet supplements the
Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus
Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus
Supplement. Capitalized terms used in this Pricing Term Sheet but not defined have the meanings
given them in the Preliminary Prospectus Supplement.
Issuer: |
Hanesbrands Inc. | |
Size: |
$500,000,000 | |
Maturity: |
December 15, 2016 | |
Coupon: |
8% | |
Price: |
98.686% of face amount | |
Yield to maturity: |
8.25% | |
Spread to Benchmark Treasury: |
+541 basis points | |
Benchmark Treasury: |
UST 4.625% due 11/15/2016 | |
Interest Payment Dates: |
December 15 and June 15, commencing June 15, 2010 | |
Gross Proceeds: |
$493,430,000 | |
Net Proceeds to the Issuer (before expenses): |
$482,180,000 | |
Redemption Provisions: |
||
First call date: |
December 15, 2013 | |
Make-whole call: |
Before the first call date at a discount rate of Treasury plus 50 basis points | |
Redemption prices: |
||
Commencing December 15, 2013: 104.000% | ||
Commencing December 15, 2014: 102.000% | ||
Commencing December 15, 2015: 100.000% | ||
Redemption with proceeds of equity offering: |
Prior to December 15, 2012, up to 35% may be redeemed at 108% | |
Change of control: |
Put at 101% of principal plus accrued interest | |
Trade date: |
December 3, 2009 | |
Settlement: |
T+5; December 10, 2009 |
C-1
Denominations: |
$2,000 and integral multiples of $1,000 | |
CUSIP/ISIN: |
410345 AF9/US410345AF99 | |
Form of Offering: |
SEC Registered (Registration No. 333-152733) | |
Ratings: |
Xxxxx’x: B11 | |
S&P: B+1 | ||
Joint book-running managers: |
X.X. Xxxxxx Securities Inc. | |
Banc of America Securities LLC | ||
HSBC Securities (USA) Inc. | ||
Xxxxxxx, Xxxxx & Co. | ||
Co-managers: |
Barclays Capital Inc. | |
BB&T Capital Markets | ||
PNC Capital Markets LLC | ||
RBC Capital Markets Corporation | ||
Additional information: |
The closing of this offering is conditioned, | |
among other thing, on the Company having | ||
entered, on or prior to the closing date of | ||
this offering, into the New Senior Secured | ||
Credit Facilities. |
1 | A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The issuer has filed a registration statement (including a prospectus and prospectus supplement)
with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the issuer has filed with
the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting XXXXX on the SEC Web site at xxx.xxx.xxx. Alternatively, the
issuer, any underwriter or any dealer participating in the offering will arrange to send you the
prospectus if you request it by contacting X.X. Xxxxxx Securities Inc. at (000) 000-0000; Banc of
America Securities LLC at (000) 000-0000; HSBC Securities (USA) Inc. at (000) 000-0000; or Xxxxxxx,
Sachs & Co. at (000) 000-0000.
C-2