Levi Strauss to sell new $350 million 10-year notes, place €100 million add-on to 8 5/8% notes due 2013

By Paul A. Harris

St. Louis, March 8 - Levi Strauss & Co. will hold an investor call at 11 a.m. ET Thursday to present its $470 million equivalent two-part offering of notes (B3//B), according to an informed source.

The offering will comprise a $350 million tranche of new 10-year senior notes, which will come with five years of call protection.

Levi Strauss also plans to transact a €100 million add-on to its 8 5/8% senior notes due April 1, 2013. Those notes become callable after April 1, 2009 at 104.313 and contain a 35% equity clawback until April 1, 2008. The original €150 million issue price at par in March 2005.

Pricing is expected to take place on Friday morning.

Banc of America Securities LLC and Citigroup are joint bookrunners for the offerings, which will be placed via Rule 144A with registration rights. Goldman Sachs & Co., JP Morgan, Merrill Lynch & Co. and Scotia Capital are co-managers.

Proceeds plus cash on hand will be used to prepay the company's senior secured term loan.

Levi Strauss is a San Francisco-based branded apparel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.