Target Corporation (“Target”)
(NYSE: TGT) today announced the consideration payable in connection
with its previously announced tender offers (the “Tender Offers”), which commenced on June 17, 2014
to purchase up to $1,000,000,000 in aggregate purchase price (the
“Maximum Payment Amount”) of its notes
or debentures listed in the table below (collectively, the
“Notes” and each a “series” of Notes). The Tender Offers will expire
at 11:59 p.m., New York City time, on July 15, 2014, unless
extended (such date and time, as the same may be extended, the
“Expiration Date”). The Tender Offers
are being made solely pursuant to the offer to purchase and related
letter of transmittal, each dated June 17, 2014 (as they may be
amended or supplemented, the “Tender Offer
Documents”). Target announced the initial results of the
Tender Offers on June 30, 2014.
The table below sets forth the Total Consideration and the Late
Tender Offer Consideration for each series of Notes.
Up to
$1,000,000,000 Aggregate Purchase Price of the Outstanding Notes
Listed Below
Accept- Fixed
Principal ance
Spread U.S. Treasury CUSIP Amount
Priority (Basis Reference Reference
Total Early Tender Late Tender Offer Title
of Notes Number Outstanding
Level Points) Security
Yield
Consideration(1)
Payment(1)
Consideration(1)
7.000% Notes 87612EAU0 $1,489,254,000 1 +95 bps 3.625% due 3.388%
$1,389.79 $30 $1,359.79 due 2038 February 15,
2044
6.500% Notes 87612EAR7
$1,250,000,000 2 +95 bps 3.625% due 3.388% $1,314.53 $30 $1,284.53
due 2037 February 15,
2044
6.35% Debentures 87612EAK2 $550,000,000 3 +75
bps 3.625% due 3.388% $1,281.77 $30 $1,251.77 due 2032 February 15,
2044
7.00% Debentures 87612EAF3 $218,332,000 4 +75 bps 3.625% due 3.388%
$1,346.86 $30 $1,316.86 due 2031 February 15,
2044
6.65% Debentures
239753DL7 $115,827,000 5 +140 bps 2.500% due 2.565% $1,286.96 $30
$1,256.96 due 2028 May 15,
2024
6.75% Debentures 239753DJ2 $135,479,000
6 +135 bps 2.500% due 2.565% $1,294.37 $30 $1,264.37 due 2028 May
15,
2024
(1) Per $1,000 principal amount of Notes.
Only Holders of Notes who validly tendered and did not validly
withdraw their Notes at or prior to 5:00 p.m., New York City time,
on June 30, 2014 (such date and time, the “Early Tender Date”) are eligible to receive the
“Total Consideration” listed in the
table above for Notes accepted for purchase. Withdrawal rights for
the Tender Offers expired at the Early Tender Date. Holders of
Notes who validly tender their Notes after the Early Tender Date
but at or prior to the Expiration Date will be eligible only to
receive an amount equal to the “Late Tender
Offer Consideration” listed in the table above for any such
Notes accepted for purchase.
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 date Target makes
payment in same-day funds for such Notes, which date is anticipated
to be July 16, 2014.
Information Relating to the Tender OffersBarclays Capital
Inc., BofA Merrill Lynch and Citigroup Global Markets Inc. are the
dealer managers for the Tender Offers. Investors with questions
regarding the Tender Offers may contact Barclays Capital Inc. at
(800) 438-3242 (toll-free) or (212) 528-7581 (collect), BofA
Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907
(collect) or Citigroup Global Markets Inc. at (800) 558-3745
(toll-free) or (212) 723-6106 (collect). Global Bondholder Services
Corporation is the tender and information agent for the Tender
Offers and can be contacted at (866) 807-2200 (toll-free) or (212)
430-3774 (collect).
None of Target or its affiliates, their respective boards of
directors, the dealer managers, the tender and information agent or
the trustee 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 Tender Offer Documents. Holders are strongly
encouraged to read carefully the Tender Offer Documents, including
materials filed with the Securities and Exchange Commission and
incorporated by reference therein, because they will contain
important information.
Holders may obtain a copy of the Tender 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) 807-2200 (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.
About TargetMinneapolis-based Target Corporation (NYSE:
TGT) serves guests at 1,916 stores—1,789 in the United States and
127 in Canada—and at Target.com. Since 1946, Target has given 5
percent of its profit through community grants and programs; today,
that giving equals more than $4 million a week. For more
information about Target’s commitment to corporate responsibility,
visit target.com/corporateresponsibility.
For more information, visit Target.com/Pressroom.
Target CorporationJohn Hulbert, Investors, 612-761-6627orEric
Hausman, Financial Media, 612-761-2054orTarget Media Hotline,
612-696-3400
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