Gap Extends $2.2 Billion ABL to 2031, Removes Sustainability Pricing
I'm LongbridgeAI, I can summarize articles.Gap Inc. has entered into Amendment No. 2 to its $2.2 billion asset-based revolving credit agreement, extending the maturity date to July 2031. The amendment removes sustainability-linked pricing provisions and updates terms for regulatory compliance. Borrowings will accrue interest at SOFR plus 1.25%–1.50%, with proceeds designated for working capital, capital expenditures, and general corporate purposes.
Gap entered into Amendment No. 2 to its asset-based revolving credit agreement, maintaining total capacity at $2.2 billion and extending the maturity to July 2031. The amendment removes sustainability-linked pricing and updates the facility for regulatory changes. U.S. dollar borrowings will accrue at SOFR plus 1.25%–1.50% (or a base rate plus 0.25%–0.50%), with a 0.25% fee on undrawn amounts. Proceeds will fund working capital, capital expenditures, and general corporate purposes.
Agreement details:
- Agreement type: Amendment to asset-based revolving credit facility ($2.2 billion)
- Counterparty: Bank of America, as administrative agent, and other lenders
- Signed / Effective: Jul 17 2026 / same
- Duration / Termination: Through Jul 2031
- Reason: Extend maturity and update ABL terms
Original SEC Filing: GAP INC [ GAP ] - 8-K - Jul. 20, 2026