The Gap, Inc. Announces Pricing of Offering of $1.5 Billion of Senior Notes
September 13, 2021 at 05:08 pm EDT
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The Gap, Inc. announced that it priced an offering (the “Offering”) of $750 million aggregate principal amount of its 3.625% Senior Notes due 2029 (the “2029 Notes”) and $750 million aggregate principal amount of its 3.875% Senior Notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Notes”), each at an offering price of 100% of the principal amount thereof. The Notes will be guaranteed on a senior unsecured basis, jointly and severally, by each of existing wholly owned domestic subsidiaries that is a borrower or guarantor under existing ABL Credit Agreement. The closing of the offering of the Notes is expected to occur on or about September 27, 2021, subject to the satisfaction of customary closing conditions. e intend to use the net proceeds from the sale of the Notes, together with cash on hand, to purchase any and all of outstanding 8.375% Senior Secured Notes due 2023, 8.625% Senior Secured Notes due 2025 and 8.875% Senior Secured Notes due 2027 (collectively, the “Existing Secured Notes”) that are accepted for purchase pursuant to tender offers and consent solicitations announced by the company on September 13, 2021.
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.