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Target Corporation Announces Final Results Of Any And All Tender Offers And Maximum Payment Amount For Pending Maximum Tender Offers

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amount of Securities subject to the Any and All Tender Offers (as defined below) were validly tendered and not validly withdrawn prior to the expiration of the Any and All Tender Offers at 11:59 p.m., New York City time, on March 20, 2013 (such time and date, the “ Any and All Expiration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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