Target Corporation Announces Pricing of Pending Any and All Tender Offer
April 08 2016 - 3:35PM
Business Wire
Target Corporation (“Target”)
(NYSE:TGT) announced today the total consideration payable in
connection with its previously announced tender offer (the
“Any and All Tender Offer”), which
commenced on April 4, 2016, to purchase any and all of the
outstanding debt security (the “Any and All
Notes”) listed in the table below. The Any and All Tender
Offer will expire today, April 8, 2016, at 5:00 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 Offer is being made solely
pursuant to the offer to purchase, the related letter of
transmittal and, if applicable, the related notice of guaranteed
delivery, each dated April 4, 2016 (as they may be amended or
supplemented, the “Offer
Documents”).
The table below sets forth the Total Consideration for the Any
and All Notes. The reference yield listed in the table below is
based on the bid-side price of the reference security listed in the
table below at 2:00 p.m., New York City time, today, as described
in the Offer Documents.
Any and All of the Outstanding Security Listed Below
Title of Security
CUSIPNumber
PrincipalAmountOutstanding
U.S. TreasuryReference
Security
ReferenceYield
FixedSpread(BasisPoints)
Total Consideration(1)
6.500% Notes due 2037 87612EAR7 $1,145,441,000
3.000% due November 15, 2045 2.548% +95 bps
$1,451.17
(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,
or timely comply with the guaranteed delivery procedures by no
later than 5:00 p.m., New York City time, on April 12, 2016
(as further described in the Offer Documents). Withdrawal rights
for the Any and All Tender Offer will expire today, April 8,
2016, 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 initial date Target makes payment in
same-day funds for the Any and All Tender Offer, which date is
anticipated to be April 11, 2016. The payment date for Any and
All Notes tendered by guaranteed delivery is anticipated to be
April 13, 2016, two business days after the initial payment
date for Any and All Notes. Interest will cease to accrue on
April 11, 2016 for all Any and All Notes accepted in the Any
and All Tender Offer, including those tendered by guaranteed
delivery.
In addition to the Any and All Tender Offer, Target previously
announced its pending tender offers (together with the Any and All
Tender Offer, the “Tender Offers”) to
purchase up to applicable maximum payment amounts of seven series
of securities specified in the Offer Documents (together with the
Any and All Notes, the “Securities”).
Target refers holders to the Offer Documents for the complete terms
of the Tender Offers.
Information Relating to the Tender OffersCopies of the
offer to purchase, letter of transmittal and notice of guaranteed
delivery are available at the following web address:
http://www.gbsc-usa.com/Target/. Holders may also obtain a copy of
the Offer Documents, free of charge, from Global Bondholder
Services Corporation, the tender and information agent in
connection with the Tender Offers, by calling toll-free at
(866) 470-3900 (bankers and brokers can call collect at
(212) 430-3774). Holders are urged to carefully read these
materials prior to making any decisions with respect to the Tender
Offers.
Barclays Capital Inc., Citigroup Global Markets Inc. and J.P.
Morgan Securities LLC are the dealer managers for the Tender
Offers. Investors with questions regarding the Tender Offers may
contact Barclays Capital Inc. at (800) 438-3242 (toll-free) or
(212) 528-7581 (collect), Citigroup Global Markets Inc. at
(800) 558-3745 (toll-free) or (212) 723-6106 (collect) or
J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or
(212) 834-4811 (collect).
None of Target or its affiliates, their respective boards of
directors, the dealer managers, the tender and information agent or
the applicable trustee with respect to any Securities is making any
recommendation as to whether holders should tender any Securities
in response to any of the Tender Offers, and neither Target nor any
such other person has authorized any person to make any such
recommendation. Holders must make their own decision as to whether
to tender any of their Securities, and, if so, the principal amount
of Securities to tender.
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 Securities. The full details of the Tender Offers for the
Securities, including complete instructions on how to tender
Securities, are included in the Offer Documents. Holders are
strongly encouraged to read carefully the Offer Documents,
including materials filed with the Securities and Exchange
Commission and incorporated by reference therein, because they
contain important information.
About TargetMinneapolis-based Target Corporation
(NYSE:TGT) serves guests at 1,793 stores and at Target.com. Since
1946, Target has given 5 percent of its profit to communities,
which today equals more than $4 million 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160408005934/en/
Target CorporationJohn Hulbert, Investors,
612-761-6627orErin Conroy, Media, 612-761-5928orTarget Media
Hotline, 612-696-3400
Target (NYSE:TGT)
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