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