Levi Strauss Flat on Notes Offering

Levi Strauss & Co. (NYSE: LEVI) today announced it has closed its previously announced offering of $500 million of its 3.5% Senior Unsecured Notes due 2031.

The company intends to use the net proceeds from the offering, together with cash on hand, to redeem $800 million aggregate principal amount of the $1 billion aggregate principal amount of its outstanding 5.00% senior notes due 2025 on March 4, 2020 and to pay fees and expenses related to the offering.

"We’re pleased with the execution of this offering, which will further strengthen our financial position by decreasing interest expense and improving our leverage ratio," said CFO Harmit Singh.

"Our continued focus on financial discipline, while investing in our brands, our direct-to-consumer channels and accelerating both the digitization and automation of our business will help us become an even stronger company going forward."

Levi Strauss & Co. is one of the world’s largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi’s, Dockers, Signature by Levi Strauss & Co., and Denizen brands. Levi Strauss & Co.’s reported 2020 net revenues were $4,453 million.

LEVI shares surmounted breakeven by a dime to $23.15.