Levi Strauss amends facility to lift sublimit tranche, reduce rates

By Jennifer Chiou

New York, March 24 - Levi Strauss & Co. amended its credit facility with JPMorgan Chase Bank, NA as administrative agent, increasing the size of the trademark sublimit tranche to $350 million from $250 million and cutting borrowing rates, according to an 8-K filing with the Securities and Exchange Commission.

The changes also extended the term of the credit agreement to March 2019, while reducing interest to Libor plus 125 basis points to 200 bps from Libor plus 150 bps to 275 bps, depending on borrowing base availability.

The undrawn fee will range from 25 bps to 30 bps, down from 37.5 bps to 50 bps.

JPMorgan Chase Bank, NA, Toronto Branch is the multicurrency administrative agent with Bank of America, NA, Wells Fargo Capital Finance, LLC and HSBC Bank USA, NA as co-syndication agents.

Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the co-documentation agents.

Levi Strauss is a San Francisco-based apparel maker.

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