Gildan Activewear Inc. announced that it has reached an agreement to issue CAD 200 million aggregate principal amount of senior unsecured notes to Caisse de dépôt et placement du Québec (CDPQ) on a private placement basis. The notes will bear interest at a rate of 6.0% per year and will mature 5 years from the issuance date. Gildan intends to use the net proceeds of the issuance to fund its common share repurchase program and for the repayment of maturing outstanding debt.

Gildan has agreed to maintain strong local leadership and its global headquarters in Québec for a minimum of 7 years, and has committed to becoming a Global Minimum Taxpayer. Closing of the transaction is expected to occur on or around June 4, 2024, and will be contingent on successful completion of confirmatory due diligence and other customary closing requirements. The notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

The notes have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the ?U.S. Securities Act?), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act.