Levi Strauss to sell $500 million 10-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Feb. 2 – Levi Strauss & Co. plans to price a $500 million offering of 10-year senior notes (Ba2/BB+) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to a syndicate source.

BofA Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Standard Chartered Bank, Truist Securities Inc. and Santander Investment Securities Inc. are the co-managers.

The Rule 144A and Regulation S notes become callable after five years at par plus 50% of the coupon. They also feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The San Francisco-based clothing company plans to use the proceeds plus cash on hand to redeem $800 million of its 5% senior notes due 2025 that are outstanding.

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