Gap Inc. Announces Closing of $1.5 Billion Senior Notes Offering
September 27 2021 - 4:15PM
Business Wire
The Gap, Inc. (NYSE: GPS) (“Gap Inc.” or the “Company”) today
announced it has closed its previously announced offering of $1.5
billion of senior notes (the “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.
Nothing contained herein shall constitute an offer to sell or
the solicitation of an offer to buy any security. The Notes were
offered and sold to persons reasonably believed to be qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the “Securities Act”), and outside the United
States pursuant to Regulation S under the Securities Act. The Notes
have not been and will not be registered under the Securities Act
or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.
About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the
largest American specialty apparel company offering clothing,
accessories, and personal care products for men, women, and
children under the Old Navy, Gap, Banana Republic, and Athleta
brands. The Company uses omni-channel capabilities to bridge the
digital world and physical stores to further enhance its shopping
experience. Gap Inc. is guided by its purpose, Inclusive, by
Design, and takes pride in creating products and experiences its
customers love while doing right by its employees, communities, and
planet. Gap Inc. products are available for purchase worldwide
through company-operated stores, franchise stores, and e-commerce
sites. Fiscal year 2020 net sales were $13.8 billion. For more
information, please visit www.gapinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210927005732/en/
Investor Relations Contact: Steve Austenfeld (415)
427-1807 Investor_relations@gap.com
Media Relations Contact: Megan Foote (415) 832-1989
Press@gap.com
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