Commentary & Deal Flow

Levi Strauss & Co (LEVI) EUR475m 144A/Reg S sr notes due 08/15/30 (5y). NC2 (08/15/27)(MWC B+50bp) the on 08/15/27 at 102, on 08/15/28 at 101, on 08/15/29 and thereafter at 100. Equity claw: 2y 40% at 104. Ba2/BB+/BBB- (stable/stable/stable). Via BofA(B&D)/JPM/BNP/HSBC jt books, BMO, Scotia, GS, MS, RBC, Santander, StanChart, TSI as co-managers. No reg rights. List Lux. NY Law. CoC at 101. Pays 15 August and 15 February, starting 02/15/26.Denoms 100x1. I44A ISIN: XS3124322770. Settles 07/29 (T+10). IPT: Mid-high 4s. Price talk: 4.25%-4.50%. Revised price talk: 4.00%-4.25%.

Priced: 4.00% at 100. +182.5bp vs DBR 0% 08/15/30.

Roadshow (small group meetings) 07/14 (investor call at 1:30pm UKT / 08.30am ET). Books closed at 1:30pm UKT / 8:30am NYT 07/15. UOP: along with EUR9 cash on hand, redeem EUR475m 3.375% sr notes due 03/31/27 (callable at par). Biz: brand-name apparel company, and a global leader in jeanswear. HQ: San Francisco, CA.