Gap closes $1.5B senior notes offering, repurchases $1.9B high-yield secured notes

GAP INC

Closed $1.5B senior unsecured notes: $750M 3.625% due 2029 and $750M 3.875% due 2031.
Used net proceeds plus cash to repurchase $1.918B of existing high-yield secured notes via tender offers.
Repurchased $330M of 8.375% 2023s, $683M of 8.625% 2025s, $905M of 8.875% 2027s.
Received consents to amend indentures, eliminating covenants and releasing collateral on repurchased notes.
New notes are unsecured senior obligations guaranteed by certain domestic subsidiaries.

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