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Gap calls $1.37 billion 5.75% convertibles
By Caroline Salls
Pittsburgh, March 11 - Gap Inc. said it will redeem all its outstanding $1.37 billion 5.75% convertible senior notes due March 15, 2009 at a price of 102.46% of the principal amount plus interest accrued up to but excluding the redemption date.
Holders can elect to convert their notes into 62.03 shares of Gap common stock per $1,000 principal amount of notes at a conversion price of $16.12 per share until 5 p.m. ET on March 30.
Gap stock was trading at $22.32 Friday morning.
Gap is a San Francisco-based international specialty retailer offering clothing, accessories and personal care products.
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