Gap Refinancing $1.5 Billion of High Interest Debt
GPS will issue $750 million in 3.625% senior notes due in 2029 and a like amount of 3.875% senior notes due in 2031, both priced at 100% of the principal, with the proceeds earmarked for repurchasing high rate debt issued in the early days of the pandemic. It will have to pay a premium of between 9.25% and 16.5% for the 8.375% notes ... Log in to view full article.
