Gap buys back $303 million of bonds in second quarter

Pittsburgh, Aug. 19 - Gap Inc. bought back $303 million of bonds in the second quarter, according to a company news release.

The repurchase was part of the company's goal to strengthen its balance sheet and pay down debt, the release said. Gap reduced its funded debt to $2.3 billion in the second quarter and has bought back $473 million in bonds this year.

The company expects the buyback to result in a $20 million reduction in 2004 interest, the release said.

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