Levis Strauss issues price talk on $550 million two-part note offering to price Monday

By Paul A. Harris

St. Louis, March 3 - Levi Strauss & Co. announced price talk Thursday on its approximately $550 million two-part offering of senior notes (Caa3/B-), according to market sources.

Pricing is expected on Monday.

The San Francisco apparel maker's U.S. dollar-denominated seven-year notes are talked at Libor plus 475 basis points. The notes will be non-callable for two years.

Meanwhile the euro-denominated eight-year notes are talked in the 8¾% area. The notes are non-callable for four years.

The company also plans to price an add-on to its 9¾% senior notes due Jan. 15, 2015. No talk was heard on that portion of the financing.

Tranche sizes remain to be determined.

Banc of America Securities LLC and Citigroup are joint bookrunners for the Rule 144A deal. Goldman Sachs & Co., Bear Stearns & Co. and Credit Suisse First Boston are 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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