Levi Strauss sets roadshow for €450 million 10-year notes offering

By Paul A. Harris

Portland, Ore., Feb. 21 – Levi Strauss & Co. plans to start a Europe-only roadshow on Wednesday for a €450 million offering of 10-year senior notes (existing ratings Ba2/BB+), according to a market source.

The roadshow is set to wrap up on Thursday, and the Rule 144A and Regulation S with registration rights offer is set to price thereafter.

BofA Merrill Lynch is the left bookrunner. Goldman Sachs, JPMorgan, Deutsche Bank, SunTrust Robinson Humphrey Inc., Scotia Capital and Wells Fargo are the joint bookrunners.

The notes become callable after five years at par plus 50% of coupon and feature a 101% poison put.

The San Francisco-based apparel maker plans to use the proceeds, together with cash on hand, to purchase its 6⅞% senior notes due 2022.

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