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Levi Strauss sees tenders of $370.3 million 6 7/8% notes due 2022
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Levi Strauss & Co. said it took in tenders of about $370.3 million, or 71%, of its $525 million principal amount of outstanding 6 7/8% senior notes due 2022 in a cash tender offer that ended at 5 p.m. ET on Tuesday.
The offer opened on Feb. 21.
The company will purchase the notes for $1,043.71 per $1,000 principal amount plus accrued interest to but excluding the settlement date of March 3.
Tendered notes could be withdrawn at any time before the offer ends.
The tender offer is being funded by proceeds of a new private placement of €475 million of 3 3/8% senior notes due 2027 as well as by cash on hand.
BofA Merrill Lynch (888 292-0070 or 980 387-2113) is the dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or gbsc-usa.com/Levi/) is the depositary and information agent.
Levi Strauss is a San Francisco-based apparel and jeanswear company.
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