Gap Inc (USA) has announced that it has secured an asset-based revolving credit facility with an initial aggregate principal amount of $1.868 billion.
The company has closed its previously announced offering of $2.250 billion of senior secured notes.
The company also announced it has repaid the outstanding $500 million borrowed under its prior revolving credit facility, and no amounts were borrowed at close under the asset-based revolving credit facility.
“With our strengthened balance sheet, we continue to build towards our future, beginning with welcoming our teams and customers back into some of our stores this week,” said Sonia Syngal, President and CEO, Gap Inc. in a statement.
