Business Context and Reporting Period
Company: Levi Strauss & Co.
Filing Type: Form 8-K (Current Report)
Date of Report: November 8, 2024
Event: Entry into a Material Definitive Agreement (Amendment No. 8 to Credit Agreement).
Key Financial Metrics and Debt Structure
This filing details a modification to the Company's existing credit facility rather than reporting operational financial results (revenue, profit, or cash flow).
- Debt Instrument: Second Amended and Restated Credit Agreement (as amended).
- Accordion Option: $150,000,000 reset option available to increase total commitments.
- Maximum Aggregate Commitments: Up to $1,150,000,000.
- Administrative Agent: JPMorgan Chase Bank, N.A.
Material Changes Versus Prior Period
The Eighth Amendment introduces the following material changes to the Existing Credit Agreement:
- Term Extension: The maturity date of the agreement has been extended to November 2029.
- Accordion Reset: The $150 million accordion option has been reset, allowing for potential increases in total available commitments up to $1.15 billion.
- Unchanged Terms: Guarantees, security, covenants, and events of default remain materially unchanged and in full force.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms that the amendment was executed to extend the facility term and reset the accordion option. No specific operational guidance or outlook is provided in this document.
Risks and Contingencies: The filing notes that the summary does not constitute a complete description of terms. Investors are directed to the full text of the Restated Credit Agreement filed as Exhibit 10.1 for complete details on covenants and events of default.
Key Facts for Investor Verification
- Verify the specific interest rate terms and fees associated with the amended facility in Exhibit 10.1.
- Confirm the current utilization of the credit facility versus the $1.15 billion maximum aggregate commitment.
- Review the 2024 Form 10-K for the baseline financial metrics and covenant compliance status prior to this amendment.
- Check for any subsequent amendments or waivers that may have been filed after November 8, 2024.