This excerpt taken from the GPS 8-K filed Apr 7, 2005.
Redemption of Senior Convertible Notes
As previously announced on March 11, 2005, the company completed the full redemption of its Convertible Notes on March 31, 2005. As expected, substantially all of the Notes were converted into approximately 86 million shares of Gap Inc. common stock. With the redemption, the companys balance sheet debt is now reduced to $513 million from about $1.9 billion at the fiscal year-end 2004.