Pacific Brands has raised $165 million through an institutional placement.
The company makes Holeproof socks and Bendon bras. It says the money will strenthen its financial position and allow it to cope with any further fall in demand.
Pacific Brands says the next part of its capital raising, an offer to retail investors, is now fully underwritten.
The company has been axing brands and jobs, and closing plants to cope with falling demand and repay debt.