Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Levi Strauss & Co. > News item |
Fitch rates Levi notes BB-
Fitch Ratings said it assigned a BB- rating to Levi Strauss & Co.'s $525 million 7 5/8% senior unsecured notes due 2020 and €300 million 7¾% senior unsecured notes due 2018. The company's BB-issuer default rating, BB+ $750 million bank credit facility, BB- senior unsecured notes and BB- senior unsecured term loan are unchanged.
The outlook is stable.
The proceeds of the new notes will be used to repay any $446 million 9¾% senior unsecured notes due 2013 and €250 million 8 5/8% senior notes due 2015 received in the tender offer that began April 22.
The agency said the ratings reflect Levi's considerable liquidity and minimal debt maturities coupled with its strong shares in key markets, well-known brand names and wide geographic diversity.
The ratings also encompass Fitch's expectations that free cash flow will be negative or minimal in the next two fiscal years due mainly to increased benefit plan contributions and higher levels of brand support.
The total adjusted debt-to-operating EBITDAR ratio was 5 times on Nov. 29.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.