Levi Strauss to price $460 million 10-year, €275 million eight-year note offerings April 29

By Paul A. Harris

St. Louis, April 22 - Levi Strauss & Co. announced plans to place two tranches of senior notes (current ratings B2/B+) in a multi-currency deal set to price on April 29, an informed source said on Thursday.

The San Francisco-based apparel maker is in the market with $460 million of 10-year notes, which are non-callable for five years, and €275 million of eight-year notes, which are non-callable for four years.

Bank of America Merrill Lynch and J.P. Morgan Securities Inc. are the joint bookrunners for the deal, which comes via Rule 144A and Regulation S, with registration rights.

HSBC Securities, Scotia Capital and UBS Investment Bank are the co-managers.

Both tranches of notes feature a 101% poison put.

Proceeds will be used to refinance the company's 8 5/8% euro senior notes due 2013 and its 9¾% senior notes due 2015 and for general corporate purposes.

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