Levi Strauss amends loan to allow for purchase of 6.8% notes

By Sara Rosenberg

New York, Nov. 26 - Levi Strauss & Co. amended its credit facility to allow for the purchase or redemption of its 6.8% notes prior to the scheduled maturity of Nov. 1, 2003 with proceeds from the issuance of its 12¼% senior notes due 2012. Furthermore, under the amendment, any proceeds of the note offering not used to reduce debt will be offset against the amount of debt used in calculating the leverage ratio.

The amendment takes effect once the company places proceeds from the note offering into a bank account and reduces indebtedness under the bank facility, according to a filing with the Securities and Exchange Commission.

Banc of America Securities LLC and Salomon Smith Barney Inc. are co-lead arrangers and joint book managers, Citicorp is the syndication agent and The Bank of Nova Scotia is the documentation agent.

Levi Strauss is a San Francisco brand name clothing company.

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