By Paul A. Harris
Portland, Ore., April 14 – Levi Strauss & Co. priced an upsized $500 million add-on to its 5% senior notes due May 1, 2025 at 100.5 in a Tuesday drive-by, according to market sources.
BofA Securities Inc. was the lead underwriter.
The issue size increased from $300 million.
The issue price came at the rich end of the 100 to 100.5 price talk.
The San Francisco-based apparel company plans to use proceeds for general corporate purposes.
| Issuer: | Levi Strauss & Co.
|
| Amount: | $500 million, increased from $300 million
|
| Maturity: | May 1, 2025
|
| Security description: | Add-on to 5% senior secured notes due May 1, 2025
|
| Lead: | BofA Securities Inc.
|
| Coupon: | 5%
|
| Price: | 100.5
|
| First call date: | May 1, 2020
|
| Trade date: | April 14
|
| Settlement date: | April 17
|
| Rating: | S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100 to 100.5
|
| Marketing: | Quick to market
|
| Original issue: | $500 million issue was priced in April 2015
|
| Total issue size: | $1 billion
|
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