Gap extends $500 million unsecured revolving credit facility to 2023

By Sarah Lizee

Olympia, Wash., June 1 – Gap, Inc. amended and restated its $500 million unsecured revolving credit facility with Bank of America, NA as administrative agent on Thursday to extend the maturity date to May 31, 2023, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the facility was due to terminate on May 20, 2020.

Merrill Lynch, Pierce, Fenner & Smith Inc., JPMorgan Chase Bank, NA and Citibank NA are joint lead arrangers and bookrunners, JPMorgan is the syndication agent and Citibank, HSBC Bank USA, NA, Wells Fargo Bank, NA and Bank of Nova Scotia are documentation agents.

The restated facility is available for working capital, capital expenditures and other general corporate purposes.

The facility requires a fixed charge coverage ratio based on the last four consecutive fiscal quarters of 2 to 1 and a leverage ratio as of the last day of each fiscal quarter determined on the basis of the last four consecutive quarters of not greater than 2.25 to 1.

San Francisco-based Gap is a clothing retailer.

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