Levi Strauss stretches credit facility to $1 billion with accordion, switches to SOFR

Chicago, Nov. 28 – Levi Strauss & Co. amended its credit agreement on Nov. 22 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The accordion option has been exercised for $150 million, bringing total commitments to $1 billion.

The benchmark language has also been updated to reflect a SOFR transition from Libor.

For the first $350 million of outstanding revolving loans (while the Levi’s trademark is included in the U.S. borrowing base), interest will be between SOFR+10 basis points CSA plus 125 bps to 175 bps.

Other revolving loans will have an interest rate margin of 125 bps to 150 bps.

The commitment fee is 20 bps.

JPMorgan Chase Bank, NA, Bank of America, NA, BNP Paribas and HSBC Bank USA, NA are the joint bookrunners and joint lead arrangers.

The updated list of co-syndication agents includes Bank of America, NA, Bank of the West, BNP Paribas, HSBC Bank USA, NA and Goldman Sachs Bank USA.

The co-documentation agents are now Morgan Stanley MUFG Loan Partners, LLC and Bank of Nova Scotia.

The borrower is a San Francisco-based brand name apparel and jeanswear company.

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