Gap Inc. Announces Pricing of Offering of $2.25 Billion of Senior Secured Notes
Gap, Inc. (The) (GPS)
Last gap, inc. (the) earnings: 3/12 04:15 pm
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US:NYSE Investor Relations:
gapinc.com/content/gapinc/html/investors.html
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Source: Business Wire
SAN FRANCISCO--(BUSINESS WIRE)--Gap Inc. (NYSE: GPS) today announced it priced an offering (the "Offering") of $500 million aggregate principal amount of its 8.375% Senior Secured Notes due 2023 (the "2023 Notes"), $750 million aggregate principal amount of its 8.625% Senior Secured Notes due 2025 (the "2025 Notes") and $1 billion aggregate principal amount of its 8.875% Senior Secured Notes due 2027 (the "2027 Notes" and, with the 2023 Notes and the 2025 Notes, the "Notes"), each at an offering price of 100% of the principal amount thereof. We intend to use the net proceeds from the sale of the Notes to refinance our 5.95% notes due April 2021, refinance all outstanding amounts under our existing $500 million, five-year, unsecured revolving credit facility, which is scheduled to expire in May 2023, pay fees and expenses of the offering, and for general corporate purposes. The closing of the offering of the Notes is expected to occur on or about May 7, 2020, and is contingent on,
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