Gap says all $1.37 billion 5.75% notes converted ahead of redemption

By Caroline Salls

Pittsburgh, April 7 - Gap Inc. said all its $1.37 billion of 5.75% convertible senior notes due March 15, 2009 were converted into about 86 million shares of Gap common stock ahead of the March 30 redemption date.

With the redemption, the company's balance sheet debt is now reduced to $513 million from about $1.9 billion at the fiscal year-end 2004.

Gap is a San Francisco-based international specialty retailer offering clothing, accessories and personal care products.

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