For 2013, the prepayment of bonds will reduce interest expense, although a resulting higher tax rate will partially offset the benefits. The company expects interest expense of approximately $120 million in 2013, which includes approximately $15 million in expected prepayment expenses and accelerated noncash unamortized debt costs to retire the remaining $250 million of 8 percent notes in 2013. As a result, Hanes has increased its 2013 EPS guidance from the low $3 range to expectations of $3.25 to $3.40. Net sales are expected to be approximately $4.6 billion to $4.7 billion, and free cash flow is expected to be $300 million to $400 million.The company does not intend to speak in more detail about its 2013 guidance until the release of its fourth-quarter and full-year 2012 results.
HanesBrands Raises 2013 EPS Outlook Based On Early Prepayment Of $250 Million Of 8% Senior Notes Due 2016
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