Gap Inc. Announces Early Tender Results of Cash Tender Offers and Consent Solicitations for Any and All of its Senior Secured Notes

The Gap, Inc. (NYSE: GPS) (“Gap Inc.” or the “Company”) today announced the early tender results of its (i) offers to purchase for cash (collectively, the “Tender Offers” and each a “Tender Offer”) any and all of its outstanding 8.375% Senior Secured Notes due 2023 (the “2023 Notes”), 8.625% Senior Secured Notes due 2025 (the “2025 Notes”) and 8.875% Senior Secured Notes due 2027 (the “2027 Notes”, and together with the 2023 Notes and 2025 Notes, the “Notes”) and (ii) Consent Solicitations (as defined below), in each case upon the terms and conditions described in the Company’s Offer to Purchase and Consent Solicitation Statement, dated September 13, 2021 (the “Offer to Purchase”).

The Tender Offers and Consent Solicitations are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase.

According to the information received from Global Bondholder Services Corporation, the Tender Agent and Information Agent for the Tender Offers and Consent Solicitations, as of 5:00 p.m., New York City time, on September 24, 2021 (such date and time, the “Early Tender Time”), the Company had received, and informed Global Bondholder Services Corporation it had accepted for purchase, valid tenders from holders of the Notes as outlined in the table below.

Series of Notes		CUSIP Number		Aggregate Principal Amount Outstanding		Aggregate Principal Amount Tendered and Accepted for Purchase		Total Consideration (1)(2)
8.375% Senior Secured Notes due 2023		364760 AL2 (144A) U36547 AC8 (Reg S)		$500,000,000		$330,264,000		$1,121.25