Gap has raised $1.25 billion in a sale of senior notes, The Wall Street Journal reports. The company intends to use the proceeds for general corporate purposes, including share repurchases under its planned $2 billion buyback scheme.
The clothing retailer appointed Bank of America Merrill Lynch, Goldman Sachs and JP Morgan as the joint bookrunning managers for the deal. Gap has also secured a $500 million revolving credit facility and a $400 million five-year term loan.
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