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Levi gets $550 million amended and restated revolver
By Sara Rosenberg
New York, May 22 - Levi Strauss & Co. closed on a $550 million amended and restated revolving credit facility due Sept. 23, 2011, according to an 8-K filed with the Securities and Exchange Commission Monday.
Bank of America acted as lead arranger, bookrunner, syndication agent and administrative agent on the deal. General Electric Capital Corp., Wells Fargo Foothill LLC and JP Morgan Chase Bank acted as co-documentation agents.
The facility, which was completed on May 18, replaces the company's previous $650 million revolver.
With the amendment and restatement, the interest rate has been reduced from a fixed margin of 2.75% to a floating margin, which will not exceed 2.00%, based on availability under the facility.
In addition, the company is no longer subject at any time to any financial maintenance covenants.
Furthermore, for any period during which availability under the facility is at least $25 million, the debt, liens, investments, dispositions, restricted payments and debt prepayment covenants will be either fully or partially suspended.
Levi is a San Francisco-based brand-name clothing company.
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