Levi Strauss & Co. tried the private placement market on for size last week with its first-ever term securitization offering via Banc One Capital Markets. The $110 million trade receivables transaction is backed by retail merchandise sold to the top ten domestic department stores and other retail outlets.

Enhancing the single three-year tranche's AAA/Aaa' (S&P/Moody's) rating is substantial over-collateralization and a dynamic reserve driven by actual collateral performance. The deal was launched at 32 basis points over one-month libor, with pricing scheduled for last Friday.

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