In Brief: Levi’s Lines Up $1B Bank Credit Facility

Bloomberg News

SAN FRANCISCO — Levi Strauss & Co. said it had secured a $1.05 billion credit facility, comprising a $700 million revolving credit facility and $350 million in loans. The credit facility was organized through Bank of America Corp., Citicorp Inc., and the Bank of Nova Scotia.

The new facility, arranged to improve the closely held company’s financial structure, replaces existing bank agreements under more favorable terms, including lower borrowing costs. The new agreement also extends the date of maturity to Aug. 31, 2003.

The retailer, which makes Slates and Dockers slacks in addition to its namesake jeans, said it also recently completed its offering of about $500 million of 11.63% senior notes due 2008, which were sold in a private placement.

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