Gap cuts letter of credit facility to $900 million from $1.2 billion

By Ted A. Knutson

Washington, Nov. 4 - The Gap, Inc. reduced its letter of credit facility to $900 million from $1.2 billion on Oct. 29, according to an 8-K filing with the Securities and Exchange Commission Thursday.

The San Francisco-based retailer also amended the facility to reduce the cash collateral required. The letter of credit facility, scheduled to expire June 2006, is backed by $900 million in Gap cash.

The facility is with Citibank, NA, HSBC Bank USA, JP Morgan Chase Bank and Bank of America, NA.

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