Gap Inc. Announces Closing of $1.5 Billion Senior Notes Offering
September 27, 2021 at 04:15 pm EDT
Share
The Gap, Inc. announced it has closed its previously announced offering of $1.5 billion of senior notes, consisting of $750 million aggregate principal amount of the Company’s 3.625% Senior Notes due 2029 and $750 million aggregate principal amount of the Company’s 3.875% Senior Notes due 2031. The Notes were issued under an Indenture, dated as of September 27, 2021, among the Company, certain subsidiary guarantors of the Company and U.S. Bank National Association, as Trustee, Registrar and Paying Agent. The Company used the net proceeds from the offering of the Notes, together with cash on hand, to fund the purchase of $1,918 million in aggregate principal amount of the Company’s existing senior secured notes that were accepted for purchase at the early tender deadline pursuant to the Company’s previously announced tender offers and consent solicitations.
The Gap, Inc. is a specialty apparel company in America. The Company offers apparel, accessories and personal care products for women, men and children. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories and lifestyle products for men, women and children. It is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. Its omni-channel services, including buying online pick-up in store, order-in-store, find-in-store, and ship-from-store, as well as enhanced mobile-enabled experiences, are tailored across its collection of brands. Gap includes adult apparel and accessories, GapKids, babyGap, Gap Maternity, GapBody, and GapFit collections. Banana Republic is a premium lifestyle retailer celebrating exploration and self-expression through timeless quality, versatile fabrics, and exceptionally made womenswear, menswear, and home designs.