Gap repurchased $133 million principal of bonds during third quarter

By Ted A. Knutson

Washington, Dec. 3 - Gap Inc. repurchased and extinguished $133 million principal amount of bonds during the third quarter, according to a comparison of the apparel retailer's 10-Q Securities and Exchange Commission disclosure Friday and the second quarter filing.

The bonds bought back consist of $132 million due 2005 and $1 million scheduled to mature in 2008.

In connection with the repurchases, the San Francisco-based retailer wrote off $20 million during the quarter for premiums paid and issuance costs.

In the company's drive to reduce long term debt, Gap has cut domestic borrowings by $596 million in the first three quarters.

Gap also revealed it we repaid a maturing €227 million five-year euro bond ($275 million) in September for total domestic and foreign debt retirements of $871 million for the Fiscal 2004.

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