Levi Strauss to start roadshow Friday for $550 million notes in three parts

By Paul A. Harris

St. Louis, Feb. 24 - Levi Strauss & Co. is set to kick off a roadshow Friday for about $550 million of debt offerings in three parts, featuring both U.S. dollar- and euro-denominated notes, according to a syndicate source.

The U.S. roadshow, which runs until March 7, will include presentations to European investors on Monday and Tuesday.

The San Francisco-based apparel-maker is selling U.S. dollar-denominated seven-year senior floating-rate notes, which are non-callable for two years, and euro-denominated eight-year senior fixed-rate notes, which are non-callable for four years.

The company will also tap its existing 9¾% senior notes due Jan. 15, 2015. The original $450 million issue priced at par on Dec. 16, 2004, with the notes becoming callable after Jan. 15, 2010 at 104.875, and containing an equity clawback until Jan. 15, 2008 for 33.3% at 109.75.

Tranche sizes have not been determined.

Banc of America Securities LLC and Citigroup will be joint bookrunners for the Rule 144A tranches. Goldman Sachs & Co., Bear Stearns & Co. and Credit Suisse First Boston will be co-managers.

Proceeds will be used to fund the tender for the company's 11 5/8% senior notes due 2008.

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