Gap launches $1.5B refinancing: tenders secured notes, prices new unsecured debt

GAP INC

Offers to purchase any & all of 8.375% 2023 ($500M), 8.625% 2025 ($750M), 8.875% 2027 ($1B) secured notes.
Total consideration includes $30 early-tender premium per $1,000; exp. Oct 8, 2021; early deadline Sep 24.
Priced $750M of 3.625% notes due 2029 and $750M of 3.875% notes due 2031 at par, closing Sep 27.
Proceeds plus cash on hand to fund the tender; consent solicitation seeks to remove covenants & release collateral.
Tender condition requires raising $1.5B from new notes issuance; remaining secured notes may be retired later.

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