Mr. Jessy Hayem reports

GILDAN ANNOUNCES PRIVATE OFFERING OF C$700 MILLION SENIOR UNSECURED NOTES

Gildan Activewear Inc. has priced an offering of $700-million aggregate principal amount of senior unsecured notes in three series, consisting of $150-million aggregate principal amount of floating-rate senior unsecured notes, Series 3, due March 13, 2028, $200-million aggregate principal amount of 3.630 per cent senior unsecured notes, Series 4, due March 13, 2028, and $350-million aggregate principal amount of 4.149 per cent senior unsecured notes, Series 5, due Nov. 22, 2030.

The 2028 floating-rate notes will be issued at par and bear interest at a rate equal to daily compounded CORRA (Canadian overnight repo rate average) plus 1.26 per cent per annum, payable quarterly until maturity on March 13, June 13, Sept. 13 and Dec. 13 of each year, commencing on June 13, 2025. The 2028 fixed-rate notes will be issued at par and bear interest at a rate of 3.630 per cent per annum, payable semi-annually until maturity on March 13 and Sept. 13 of each year, commencing on Sept. 13, 2025. The 2030 fixed-rate notes will be issued at $999.89 per $1,000 principal amount of 2030 fixed-rate notes and bear interest at a rate of 4.149 per cent per annum, payable semi-annually (other than the first interest payment) until maturity on May 22 and Nov. 22 of each year, commencing on Nov. 22, 2025.

The company intends to use the net proceeds of the offering for the repayment of indebtedness outstanding under its credit facilities and other general corporate purposes.

The notes are being offered through an agency syndicate consisting of BMO Capital Markets, CIBC Capital Markets and TD Securities, as joint bookrunners, along with J.P. Morgan, BofA Securities, RBC Capital Markets and Scotiabank, as co-managers. The offering is expected to close on or about March 13, 2025, subject to customary closing conditions.

The notes will be senior unsecured obligations of the company, will rank pari passu to all existing and future senior unsecured and unsubordinated indebtedness of the company. The notes have been assigned a provisional rating of BBB, with a stable trend, by DBRS Ltd.

About Gildan Activewear Inc.

Gildan is a leading manufacturer of everyday basic apparel. The company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The company markets its products in North America, Europe, Asia Pacific and Latin America, under a diversified portfolio of company-owned brands, including Gildan, American Apparel, Comfort Colors, Goldtoe and Peds, and under an exclusive licensing agreement for the printwear channel for Champion.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities, which are primarily located in Central America, the Caribbean, North America and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG (environmental, social and governance) program embedded in the company's long-term business strategy.

We seek Safe Harbor.