Levi Strauss $300 million 10-year notes talked at 12½%, pricing Tuesday

By Paul A. Harris

St. Louis, Nov. 25 - Levi Strauss & Co.'s offering of $300 million of senior notes due 2012 (B3/BB-/B+) is talked at a yield in the 12½% area, according to a syndicate source.

Pricing is expected to take place Tuesday.

A conference call about the deal was scheduled to take place Monday.

Salomon Smith Barney and Banc of America Securities are the joint bookrunners. Scotia Capital is joint lead. The co-managers are Credit Suisse First Boston, Fleet Securities, JP Morgan and SunTrust Robinson Humphries.

The Rule 144A notes are non-callable for five years.

Of the proceeds, $115 million will be used to repay bank debt; the rest, subject to obtaining bank waivers, will be used to refinance the company's $350 million 6.80% notes due Nov. 1, 2003 either at maturity, by repurchase or otherwise, or to repay other debt, or for general corporate purposes.

The issuer is a San Francisco-based apparel maker.

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