Gap calls $1.37 billion 5.75% convertibles

By Caroline Salls

Pittsburgh, March 11 - Gap Inc. said it will redeem all its outstanding $1.37 billion 5.75% convertible senior notes due March 15, 2009 at a price of 102.46% of the principal amount plus interest accrued up to but excluding the redemption date.

Holders can elect to convert their notes into 62.03 shares of Gap common stock per $1,000 principal amount of notes at a conversion price of $16.12 per share until 5 p.m. ET on March 30.

Gap stock was trading at $22.32 Friday morning.

Gap is a San Francisco-based international specialty retailer offering clothing, accessories and personal care products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.