Target Corporation Announces Final Results of Tender Offers
July 16 2014 - 11:15AM
Business Wire
Target Corporation (“Target”)
(NYSE:TGT) today announced the final results of its previously
announced tender offers (the “Tender
Offers”) to purchase for cash up to $1,000,000,000 (the
“Maximum Payment Amount”) of its notes
and debentures listed in the table below (collectively, the
“Notes”), which commenced on June 17,
2014 and expired at 11:59 p.m., New York City time, on July 15,
2014 (the “ Expiration Date”).
Target has accepted for purchase $725,236,000.00 aggregate
principal amount of Notes validly tendered and not validly
withdrawn. Target will pay aggregate Total Consideration and Late
Tender Offer Consideration of $999,999,150.10 for the Notes
accepted for purchase.
As further explained in the offer to purchase and related letter
of transmittal, each dated June 17, 2014 (the “Tender Offer Documents”), Target accepted the
Notes for purchase in accordance with the “Acceptance Priority Levels” set forth in the table
below. Target accepted for purchase 100% of the Notes listed in the
table below at Acceptance Priority Level 1. Due to
oversubscription, Target accepted for purchase on a pro rata basis
approximately 18% of the Notes listed in the table below at
Acceptance Priority Level 2. Target has not accepted for purchase
any of the Notes listed below at Acceptance Priority Levels 3
through 6. Target expects to make payment for the applicable Notes
accepted for purchase in same-day funds on July 16, 2014. The Notes
not accepted for purchase will be promptly credited to the account
of the registered holder of such Notes with The Depository Trust
Company or otherwise returned in accordance with the Tender Offer
Documents.
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 below for Notes accepted for purchase. Holders of Notes who
validly tendered their Notes after the Early Tender Date but at or
prior to the Expiration Date are eligible only to receive an amount
equal to the “Late Tender Offer
Consideration” listed in the table below for Notes accepted
for purchase.
Up to $1,000,000,000
Aggregate Purchase Price of the Outstanding Notes Listed
Below
Title of Notes
CUSIPNumber
PrincipalAmountOutstanding
Accept-ancePriorityLevel
TotalConsideration(1)
Late Tender
OfferConsideration(1)
PrincipalAmountTendered
atExpiration
PrincipalAmountAccepted
forPurchase
Percentage
ofOutstandingNotes Purchased
7.000% Notesdue 2038 87612EAU0 $1,489,254,000
1 $1,389.79 $1,359.79 $620,677,000
$620,677,000 41.68% 6.500% Notesdue 2037 87612EAR7
$1,250,000,000 2 $1,314.53
N/A(2)
$565,934,000 $104,559,000 8.36% 6.35%
Debenturesdue 2032 87612EAK2 $550,000,000 3
N/A
(3) N/A
(3) $141,714,000
$0 0% 7.00% Debenturesdue 2031 87612EAF3
$218,332,000 4 N/A
(3)
N/A
(3) $2,890,000 $0 0% 6.65%
Debenturesdue 2028 239753DL7 $115,827,000 5
N/A
(3) N/A
(3) $23,746,000
$0 0% 6.75% Debenturesdue 2028 239753DJ2
$135,479,000 6 N/A
(3) N/A
(3)
$14,555,000 $0 0%
(1) Per $1,000 principal amount of Notes.(2)
No Notes of this series were tendered after the Early Tender
Date.(3) Total Consideration and Late Tender Offer Consideration
omitted because Target did not purchase any Notes of this
series.
Information Relating to the Tender OffersBarclays Capital
Inc., BofA Merrill Lynch and Citigroup Global Markets Inc. served
as 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). This press release is for informational
purposes only and is not an offer to buy, or the solicitation of an
offer to sell, any securities.
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 to communities, that giving equals more than
$4 million a week. For more information, visit
Target.com/Pressroom. For a behind-the-scenes look at Target, visit
ABullseyeView.com or follow @TargetNews on Twitter.
Target CorporationJohn Hulbert, Investors, 612-761-6627orEric
Hausman, Financial Media, 612-761-2054orTarget Media Hotline,
612-696-3400
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