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Gap to refinance all revolver borrowings with notes proceeds
By Sara Rosenberg
New York, April 23 – The Gap Inc. plans to repay all outstanding amounts under its existing revolving credit facility using a portion of the proceeds from a $2.25 billion multi-tranche senior secured notes offering, which was upsized from $2 billion, according to a market source.
Remaining proceeds from the notes will be used to refinance 2021 notes, to pay fees and expenses of the offering and for general corporate purposes.
Gap is a San Francisco-based retailer.
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