Levi Strauss guides $475 million 10-year notes at low to mid 5% yield; pricing Monday

By Paul A. Harris

Portland, Ore., April 20 – Levi Strauss & Co. plans to price up to $475 million of 10-year senior notes (expected ratings Ba2/BB/BB-) on Monday, according to a market source.

Official talk is pending; however, early guidance has the deal coming in the low-to-mid 5% yield context.

BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, HSBC, Wells Fargo Securities LLC, Deutsche Bank Securities and Scotia Capital are managing the sale.

The notes come with five years of call protection.

The San Francisco-based apparel maker plans to use the proceeds in combination with a to-be-determined amount of cash on hand and/or a draw on its amended and restated revolver, to purchase its 7 5/8% senior notes due 2020 and for general corporate purposes, which may include repayment of other debt.

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