Target Corporation Announces Pricing Of Pending Any And All Tender Offers

Target Corporation (“ Target”) (NYSE:TGT) announced today the total consideration payable in connection with its previously announced tender offers (the “ Any and All Tender Offers”), which commenced on March 13, 2013 to purchase any and all of the outstanding debt securities (the “ Any and All Notes” and each a “ series” of Any and All Notes) listed in the table below. The Any and All Tender Offers will expire today, March 20, 2013, at 11:59 p.m., New York City time, unless extended (such date and time, as the same may be extended, the “ Any and All Expiration Date”). The Any and All 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 Any and All Notes. The reference yields listed in the table below are based on the bid-side price of the applicable reference security listed in the table below at 2:00 p.m., New York City time, today, as described in the Tender Offer Documents.
 

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)
6.75% Debentures due 2028     239753DJ2     $170,000,000     2.750% due November 15, 2042    

3.197%
    +75 bps    

$1,311.50
6.65% Debentures due 2028     239753DL7     $154,900,000     2.750% due November 15, 2042    

3.197%
    +75 bps    

$1,309.07
7.00% Debentures due 2031     87612EAF3     $354,000,000     2.750% due November 15, 2042    

3.197%
    +75 bps    

$1,395.38
      (1)   Per $1,000 principal amount of Any and All Notes.
 

Holders of Any and All Notes must validly tender and not validly withdraw their Any and All Notes at or prior to the Any and All Expiration Date to be eligible to receive the Total Consideration. Withdrawal rights for the Any and All Tender Offers will expire today, March 20, 2013, at 5:00 p.m., New York City time. Holders will also receive accrued and unpaid interest on Any and All 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 Any and All Notes, which date is anticipated to be March 21, 2013.

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