MINNEAPOLIS--(BUSINESS WIRE)--Target Corporation (“Target”) (NYSE:TGT) today announced the final results of its previously announced tender offers (each, a “Tender Offer”, and collectively, the “Tender Offers”) to purchase for cash any and all of its debt securities listed in the table below (collectively, the “Notes” and each a “series” of Notes), which commenced on October 16, 2017 and expired at 5:00 p.m., New York City time, on October 20, 2017 (the “Expiration Date”).
Target has accepted for purchase $343,572,000 aggregate principal amount of Notes validly tendered and not validly withdrawn prior to the Expiration Date, according to the information provided by Global Bondholder Services Corporation, the tender and information agent for the Tender Offers. Global Bondholder Services Corporation has also advised that an additional $1,237,000 aggregate principal amount of Notes remain subject to guaranteed delivery procedures. Target will pay aggregate total consideration and accrued interest of approximately $469,534,016 for the Notes accepted for purchase, excluding the Notes subject to guaranteed delivery procedures. Target expects to make payment for the accepted Notes in same-day funds today, October 23, 2017 (or October 25, 2017, for Notes tendered by guaranteed delivery). The aggregate principal amount of each series of Notes accepted for purchase is set forth in the table below.
Any and All of the Outstanding Securities Listed Below (the “Notes”) |
||||||||
Title of Security | CUSIP Number |
Principal Amount |
Principal Amount |
Principal Amount |
||||
7.000% Notes due 2038 | 87612EAU0 | $659,818,000 | $42,558,000 | — | ||||
6.500% Notes due 2037 | 87612EAR7 | $580,611,000 | $79,550,000 | 1,192,000 | ||||
6.35% Debentures due 2032 | 87612EAK2 | $502,557,000 | $152,896,000 | 45,000 | ||||
7.00% Debentures due 2031 | 87612EAF3 | $218,332,000 | $5,182,000 | — | ||||
6.65% Debentures due 2028 | 239753DL7 | $115,827,000 | $32,421,000 | — | ||||
6.75% Debentures due 2028 | 239753DJ2 | $135,479,000 | $30,965,000 | — | ||||
Information Relating 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). Global Bondholder Services Corporation is the tender and
information agent for the Tender Offers and can be contacted at
(866) 470-3900 (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 of the Notes.
About Target
Minneapolis-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.