By Paul A. Harris
St. Louis, Dec. 16 - Levi Strauss & Co. priced an upsized, quick-to-market $450 million 10-year senior notes (CCC) at par to yield 9¾% Thursday, according to market sources.
Price talk was in the 9¾% area.
Citigroup ran the books for the Rule 144A issue.
Proceeds will be used to refinance the company's 7% notes due Nov. 1, 2006.
The issue was upsized from $375 million.
Levi Strauss is a San Francisco-based apparel maker.
| Issuer: | Levi Strauss & Co.
|
| Amount: | $450 million (increased from $375 million)
|
| Maturity: | Jan. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 556 basis points
|
| Call features: | Callable after Jan. 15, 2010 at 104.875, 103.25, 101.625 and par on and after Jan. 15, 2013
|
| Equity clawback: | Until Jan. 15, 2008 for 33.3% at 109.75
|
| Trade date: | Dec. 16
|
| Settlement date: | Dec. 22
|
| Ratings: | Standard & Poor's: CCC
|
| Price talk: | 9¾% area
|
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