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Gap Inc obtains new bank financing
08
Apr '11
Gap Inc announced that it has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the Company's existing $500 million revolving credit facility. As part of the same financing agreement, the Company also entered into a $400 million five-year term loan.

Since 2002, Gap Inc. has demonstrated its ability to generate consistent and strong operating cash flow, through various business cycles and even the global recession. The Company has generated an average of over $1 billion of free cash flow per year over the past five years and ended fiscal year 2010 with $1.7 billion of cash and short-term investments on its balance sheet.

“We believe this is an opportune time to optimize our capital structure by taking advantage of the favorable market conditions,” said Sabrina Simmons, chief financial officer at Gap Inc. “Today's announcement points to our financial strength and underscores our commitment to driving long-term shareholder value.”

Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal 2010 net sales were $14.7 billion.

Gap Inc


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