WINSTON-SALEM, N.C. (AP) -- Hanesbrands Inc. said Tuesday it will refinance a portion of its existing debt to increase its financial and operating flexibility.

The apparel maker said it could use the proceeds to repay all or a portion of its outstanding debt, but did not specify the amount of debt it plans on refinancing.

Shares of Hanesbrands fell 79 cents, or 3.1 percent, to $25.06 in morning trading. The stock has traded between $5.14 and $26.61 over the last 52 weeks.