Levi Strauss talks $470 million equivalent two-part deal

By Paul A. Harris

St. Louis, March 9 - Levi Strauss & Co. issued price talk Thursday on its $470 million equivalent two-part high-yield bond offering (B3/B-/B), according to an informed source.

The San Francisco-based branded apparel-maker talked a $350 million offering of new 10-year senior notes at the 8¾% area.

Meanwhile the company talked a €100 million add-on to its existing 8 5/8% senior notes due April 1, 2013 at the 103.50 area.

Pricing is expected on Friday morning.

Banc of America Securities LLC and Citigroup are joint bookrunners for the notes, which are being sold 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.

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