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Gap announces new $500 million credit facility
San Francisco -- Gap has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the company’s existing $500 million revolving credit facility. As part of the same financing agreement, the company also entered into a $400 million five-year term loan.
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NRF Survey: Easter food, gift, apparel sales expected to climb
Washington, D.C. -- A report released Thursday by the National Retail Federation and conducted by BIGresearch found that spending on food, gifts and apparel is expected to increase this Easter.
According to NRF’s 2011 Consumer Intentions and Actions survey, the average consumer is expected to spend $131.04 on everything from candy to clothes -- up from last year’s $118.60, but still not quite meeting pre-recession spending levels.
Total spending on Easter-related merchandise is expected to reach $14.6 billion.