Levi Strauss holds lender call for amendment to allow Dockers sale

By Sara Rosenberg

New York, Aug. 5 - Levi Strauss & Co. held a lender call on Thursday to propose an amendment to its credit agreement that would allow for the sale of its Dockers casual clothing business, according to a market source.

Consents are due on Aug. 12 and, assuming it's approved, the amendment is scheduled to close on Aug. 13, the source said.

"They haven't said for sure that they have a buyer, but it sure seems like they do," the source added.

The San Francisco clothing company revealed in mid-July that it would soon begin seeking consents for amendments on this issue from its senior secured term loan and asset-backed revolving credit facility lenders, provided that the application of sale proceeds results in a reduction in the company's net debt of at least 30%.

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