Target Corporation (“Target”)
(NYSE:TGT) announced today the total consideration payable in
connection with its previously announced tender offers (each, a
“Tender Offer”, and collectively, the
“Tender Offers”), which commenced on
October 16, 2017, to purchase any and all of its debt
securities listed in the table below (collectively, the
“Notes” and each a “series” of Notes). The Tender Offers will expire
today, October 20, 2017, at 5:00 p.m., New York City time,
unless extended (such date and time, as it may be extended with
respect to a series, the “Expiration
Date”). The Tender Offers are being made solely pursuant to
the offer to purchase, the related letter of transmittal and, to
the extent applicable, the related notice of guaranteed delivery,
each dated October 16, 2017 (as they may be amended or
supplemented, the “Offer
Documents”).
The table below sets forth the Total Consideration for the
Notes. The reference yield listed in the table below is based on
the bid-side price of the reference security listed in the table
below at 2:00 p.m., New York City time, today, as described in the
Offer Documents.
Any and All of the Outstanding Securities Listed Below
(the “Notes”) Title of Security
CUSIPNumber
PrincipalAmountOutstanding
U.S. TreasuryReference
Security
ReferenceYield
FixedSpread(BasisPoints)
TotalConsideration(1)
7.000% Notes due 2038 87612EAU0 $659,818,000
3.000% due May 15, 2047 2.893% +85 bps
$1,459.10 6.500% Notes due 2037 87612EAR7
$580,611,000 3.000% due May 15, 2047 2.893%
+85 bps $1,385.43 6.35% Debentures due 2032 87612EAK2
$502,557,000 2.250% due August 15, 2027 2.379%
+120 bps $1,319.82 7.00% Debentures due 2031
87612EAF3 $218,332,000 2.250% due August 15, 2027
2.379% +115 bps $1,375.01 6.65% Debentures due
2028 239753DL7 $115,827,000 2.250% due August
15, 2027 2.379% +105 bps $1,288.00 6.75%
Debentures due 2028 239753DJ2 $135,479,000
2.250% due August 15, 2027 2.379% +105 bps
$1,283.49
(1) Per $1,000 principal amount of
Notes.
Holders of Notes must validly tender and not validly withdraw
their Notes at or prior to 5:00 p.m., New York City time, on
October 20, 2017 to be eligible to receive the Total
Consideration, or timely comply with the guaranteed delivery
procedures by no later than 5:00 p.m., New York City time, on
October 24, 2017 (as further described in the Offer
Documents). Withdrawal rights for the Tender Offers will expire
today, October 20, 2017, at 5:00 p.m., New York City time.
Holders will also receive accrued and unpaid interest on Notes
validly tendered and accepted for purchase from the last interest
payment date up to, but not including, the initial date Target
makes payment in same-day funds. The payment date for the Notes
tendered by the Expiration Date is anticipated to be
October 23, 2017, one business day after the Expiration Date.
The payment date for Notes tendered by guaranteed delivery is
anticipated to be October 25, 2017, two business days after
the initial payment date. Interest will cease to accrue on
October 23, 2017 for all Notes accepted in the Tender Offers,
including those tendered by guaranteed delivery, and holders
tendering by guaranteed delivery will not receive interest for any
portion of such two business day-period even if delivering the
Notes before the end of such two business day-period.
Information Relating to the Tender OffersCopies of the
offer to purchase, letter of transmittal and notice of guaranteed
delivery are available at the following web address:
http://www.gbsc-usa.com/Target/. Holders may also obtain a copy of
the Offer Documents, free of charge, from Global Bondholder
Services Corporation, the tender and information agent in
connection with the Tender Offers, by calling toll-free at
(866) 470-3900 (bankers and brokers can call collect at
(212) 430-3774). Holders are urged to carefully read these
materials prior to making any decisions with respect to the Tender
Offers.
BofA Merrill Lynch, Deutsche Bank Securities and Goldman Sachs
& Co. LLC are the dealer managers for the Tender Offers.
Investors with questions regarding the Tender Offers may contact
BofA Merrill Lynch at (888) 292-0070 (toll free) or
(980) 387-3907 (collect), Deutsche Bank Securities at
(866) 627-0391 (toll free) or (212) 250-2955 (collect) or
Goldman Sachs & Co. LLC at (800) 828-3182 (toll free) or
(212) 902-6595 (collect).
None of Target or its affiliates, their respective boards of
directors, the dealer managers, the tender and information agent or
the applicable trustee with respect to any Notes is making any
recommendation as to whether holders should tender any Notes in
response to any of the Tender Offers, and neither Target nor any
such other person has authorized any person to make any such
recommendation. Holders must make their own decision as to whether
to tender any of their Notes, and, if so, the principal amount of
Notes to tender.
This press release is for informational purposes only and is not
an offer to buy, or the solicitation of an offer to sell, any of
the Notes. The full details of the Tender Offers for the Notes,
including complete instructions on how to tender Notes, are
included in the Offer Documents. Holders are strongly encouraged to
read carefully the Offer Documents, including materials filed with
the Securities and Exchange Commission and incorporated by
reference therein, because they contain important information.
About TargetMinneapolis-based Target Corporation
(NYSE:TGT) serves guests at 1,828 stores and at Target.com. Since
1946, Target has given 5 percent of its profit to communities,
which today equals millions of dollars a week. For more
information, visit Target.com/Pressroom. For a behind-the-scenes
look at Target, visit Target.com/abullseyeview or follow
@TargetNews on Twitter.
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version on businesswire.com: http://www.businesswire.com/news/home/20171020005714/en/
Target CorporationJohn Hulbert, Investors,
612-761-6627orErin Conroy, Media, 612-761-5928orTarget Media
Hotline, 612-696-3400
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