Montréal and Toronto advise Bank of America on a US$1.9bn credit facility for Gap Inc.

Canada | June 16, 2020

Client: Bank of America

Our Montréal and Toronto offices acted as Canadian counsel to Bank of America, as administrative agent and a lender, regarding the secured asset-based lending credit facilities entered into by Gap Inc. with Bank of America and a syndicate of lenders for US$1.9bn.

Our team negotiated and managed on behalf of the lending syndicate all Canadian legal matters relating to company’s revolving operating credit facility transitioning from an unsecured cashflow facility to a secured asset-based lending facility.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care under the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal year 2019 net sales were US$16.4bn. Gap Inc. products are available in more than 90 countries through company-operated stores, franchise stores, and e-commerce sites.

The team included Arnold Cohen and Noah Schein.