Target Corporation (“ Target”) (NYSE:TGT) today announced that, pursuant to its previously announced tender offers to purchase for cash its debt securities listed in the tables below (collectively, the “ Securities” and each a “ series” of Securities), $209,262,000 in aggregate principal amount of Securities subject to the Any and All Tender Offers (as defined below) were validly tendered and not validly withdrawn prior to the expiration of the Any and All Tender Offers at 11:59 p.m., New York City time, on March 20, 2013 (such time and date, the “ Any and All Expiration Date”), according to the information provided by Global Bondholder Services Corporation, the tender and information agent for such tender offers, as more fully set forth below. All of such Securities have been accepted for purchase. Target expects to make payment for the applicable Any and All Notes in same-day funds today, March 21, 2013.
The tender offers consist of two separate groups of offers (each a “ Tender Offer”, and collectively, the “ Tender Offers”) on the terms set forth in the offer to purchase and related letter of transmittal, each dated March 13, 2013 (as they may be amended or supplemented, the “ Tender Offer Documents”), with (i) Tender Offers to purchase any and all (the “ Any and All Tender Offers”) of the three series of Securities listed in the first table below (collectively, the “ Any and All Notes”), and (ii) Tender Offers to purchase up to the Maximum Payment Amount (as defined below) (the “ Maximum Tender Offers”) of the eight series of Securities listed in the second table below (collectively, the “ Maximum Tender Offer Notes”). Target refers investors to the Tender Offer Documents for the complete terms of the Tender Offers.
|Any and All of the Outstanding Securities Listed Below|
|Title of Security||CUSIP Number||Principal Amount Outstanding||U.S. Treasury Reference Security||Reference Yield||Fixed Spread (Basis Points)||Total Consideration (1)||Principal Amount Tendered||Percent Tendered of Amount Outstanding|
|6.75% Debentures due 2028||239753DJ2||$170,000,000||2.750% due November 15, 2042||3.197%||+75 bps||$1,311.50||$34,521,000||20.31%|
|6.65% Debentures due 2028||239753DL7||$154,900,000||2.750% due November 15, 2042||3.197%||+75 bps||$1,309.07||$39,073,000||25.22%|
|7.00% Debentures due 2031||87612EAF3||$354,000,000||2.750% due November 15, 2042||3.197%||+75 bps||$1,395.38||$135,668,000||38.32%|
(1) Per $1,000 principal amount of Any and All Notes.
|Up to the Maximum Payment Amount of the Outstanding Securities Listed Below|
|Title of Security||CUSIP Number||Principal Amount Outstanding||Acceptance Priority Level||Fixed Spread (Basis Points)||U.S. Treasury Reference Security||Bloomberg Reference Page||Early Tender Payment (2)|
|7.000% Notes due 2038||87612EAU0||$2,250,000,000||1||+90 bps||2.750% due November 15, 2042||FIT1||$30|
|6.35% Debentures due 2032||87612EAK2||$550,000,000||2||+80 bps||2.750% due November 15, 2042||FIT1||$30|
|6.500% Notes due 2037||87612EAR7||$1,250,000,000||3||+95 bps||2.750% due November 15, 2042||FIT1||$30|
|9 7/8% Debentures due 2020||239753BC9||$38,650,000||4||+55 bps||2.000% due February 15, 2023||FIT1||$30|
|8 7/8% Debentures due 2022||239753BL9||$21,628,000||5||+80 bps||2.000% due February 15, 2023||FIT1||$30|
|9.70% Debentures due 2021||239753BG0||$27,715,000||6||+65 bps||2.000% due February 15, 2023||FIT1||$30|
|8.80% Debentures due 2022||239753BM7||$40,830,000||7||+80 bps||2.000% due February 15, 2023||FIT1||$30|
|9% Debentures due 2021||239753BJ4||$16,652,000||8||+70 bps||2.000% due February 15, 2023||FIT1||$30|
(2) Per $1,000 principal amount of Maximum Tender Offer Notes. The Total Consideration (as defined below) for Maximum Tender Offer Notes validly tendered at or prior to the Early Tender Date (as defined below) and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the Early Tender Payment.
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