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Target Corporation Announces Pricing Of Pending Maximum Tender Offers

Stocks in this article: TGT

Target Corporation (“ Target”) (NYSE:TGT) announced today the consideration payable in connection with its previously announced tender offers (the “ Maximum Tender Offers”), which commenced on March 13, 2013 to purchase up to $1,114,268,003 (the “ Maximum Payment Amount”) of the outstanding debt securities (the “ Notes” and each a “ series” of Notes) listed in the table below. The Maximum Tender Offers will expire at 11:59 p.m., New York City time, on April 10, 2013 unless extended (such date and time, as the same may be extended, the “ Maximum Tender Expiration Date”). The Maximum Tender Offers are being made solely pursuant to 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”).

The table below sets forth the Total Consideration for each series of Notes.

Up to the Maximum Payment Amount of the Outstanding Notes Listed Below

Principal Acceptance U.S. Treasury Spread
CUSIP Amount Priority Reference Reference (Basis Total
Title of Security   Number   Outstanding   Level   Security   Yield   Points)   Consideration (1)
7.000% Notes due 2038   87612EAU0   $2,250,000,000   1  

2.750% dueNovember 15, 2042



  +90 bps  


6.35% Debentures due 2032   87612EAK2   $550,000,000   2  

2.750% dueNovember 15, 2042



  +80 bps  


6.500% Notes due 2037   87612EAR7   $1,250,000,000   3  

2.750% dueNovember 15, 2042



  +95 bps  


9 7/8% Debentures due 2020   239753BC9   $38,650,000   4  

2.000% dueFebruary 15, 2023



  +55 bps  


8 7/8% Debentures due 2022   239753BL9   $21,628,000   5  

2.000% dueFebruary 15, 2023



  +80 bps  


9.70% Debentures due 2021   239753BG0   $27,715,000   6  

2.000% dueFebruary 15, 2023



  +65 bps  


8.80% Debentures due 2022   239753BM7   $40,830,000   7  

2.000% dueFebruary 15, 2023



  +80 bps  


9% Debentures due 2021   239753BJ4   $16,652,000   8  

2.000% dueFebruary 15, 2023



  +70 bps  


(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 March 27, 2013 (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 Maximum 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 Maximum Tender Expiration Date will be eligible only to receive an amount equal to the “ Late Tender Offer Consideration” for any such Notes accepted for purchase. The “Late Tender Offer Consideration” for each series of Notes is equal to the Total Consideration for such series less $30 per $1,000 principal amount of such Notes.

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 April 11, 2013.

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