Target Corporation (“Target”)
(NYSE:TGT) today announced the early tender results for its
previously announced tender offers (the “Maximum Tender Offers”) to purchase for cash up to
the Long-Dated Notes Maximum Payment Amount (as defined below) and
Short-Dated Notes Maximum Payment Amount (as defined below), as
applicable (collectively, the “Maximum
Payment Amounts”), of its debt securities listed in the
table below (collectively, the “Securities” and each a “series” of Securities). In addition, Target has
amended the Maximum Tender Offers to increase the previously
announced Long-Dated Notes Maximum Payment Amount from $180,335,649
to $380,335,649. All other terms of the Maximum Tender Offers, as
previously announced, remain unchanged. The Maximum Tender Offers
are being made solely pursuant to the offer to purchase and the
related letter of transmittal, each dated April 4, 2016 (as
they may be amended or supplemented, the “Offer Documents”). Target refers investors to the
Offer Documents, as supplemented by the amendment noted above, for
the complete terms of the Maximum Tender Offers.
As of the previously announced early tender date and time of
5:00 p.m., New York City time, on April 15, 2016, (the
“Early Tender Date”), $429,695,000
aggregate principal amount of Long-Dated Notes (as defined below)
and $567,629,000 aggregate principal amount of Short-Dated Notes
(as defined below) had been validly tendered and not validly
withdrawn. Withdrawal rights for the Securities expired at 5:00
p.m., New York City time, on April 15, 2016. The table below
sets forth the aggregate principal amount and percentage of
Securities validly tendered and not validly withdrawn by the Early
Tender Date. The final results of the Maximum Tender Offers will
not be available until after the Maximum Tender Offers expire at
11:59 p.m., New York City time, on April 29, 2016, unless
extended or earlier terminated (such date and time, as the same may
be extended, the “Maximum Tender Expiration
Date”).
Up to the Long-Dated Notes Maximum
Payment Amount of the Outstanding Securities Listed Below
(the “Long-Dated Notes”)
Principal
Percent
Fixed
Amount
Tendered
Principal Acceptance Spread
U.S.
Bloomberg Early Tendered at
of Amount
CUSIP Amount Priority (Basis
Treasury
Reference Tender
Early Tender
Out-
Title of Security
Number Outstanding
Level Points)
Reference Security
Page
Payment(1)
Date
standing 7.000% Notes due 2038
87612EAU0 $868,577,000 1
+100 bps 3.000% due November 15, 2045
FIT1 $30 $208,759,000
24.03% 6.35% Debentures due 2032 87612EAK2
$550,000,000 2 +85 bps
3.000% due November 15, 2045 FIT1
$30 $162,471,000 29.54% 7.00%
Debentures due 2031 87612EAF3
$218,332,000 3 +85 bps
3.000% due November 15, 2045 FIT1 $30
$22,407,000 10.26% 6.65% Debentures due
2028 239753DL7 $115,827,000
4 +150 bps 1.625% due February
15, 2026 FIT1 $30
$32,593,000 28.14% 6.75% Debentures due 2028
239753DJ2 $135,479,000 5
+150 bps 1.625% due February 15, 2026
FIT1 $30 $3,465,000
2.56%
Up to the Short-Dated Notes Maximum
Payment Amount of the Outstanding Securities Listed Below
(the “Short-Dated Notes”)
Principal
Percent
Fixed U.S. Amount
Tendered
Principal Acceptance Spread Treasury
Bloomberg Early Tendered at
of Amount
CUSIP Amount Priority (Basis
Reference Reference Tender
Early Tender
Out-
Title of Security
Number Outstanding
Level Points)
Security Page
Payment(1)
Date
standing 6.000% Notes due 2018
87612EAS5 $1,250,000,000 1
+35 bps 0.875% due January 15, 2018
FIT4 $30 $165,501,000
13.24% 5.375% Notes due 2017 87612EAP1
$1,000,000,000 2 +12.5 bps
0.500% due April 30, 2017 FIT4
$30 $402,128,000 40.21%
(1)
Per $1,000 principal amount of Securities. The Total
Consideration (as defined below) for Securities validly tendered at
or prior to the Early Tender Date and accepted for purchase is
calculated using the fixed spread for each series of Securities set
forth in the table above and is inclusive of the early tender
payment. Holders will also receive accrued interest on Securities
accepted for purchase, as further described below and in the Offer
Documents.
The Maximum Tender Offers are for up to the applicable Maximum
Payment Amount. The “Long-Dated Notes Maximum
Payment Amount” applies to the Long-Dated Notes and has been
set at $380,335,649. The “Short-Dated Notes
Maximum Payment Amount” applies to the Short-Dated Notes and
has been set at $800,000,000. The Securities will be purchased in
accordance with the acceptance priority levels set forth in the
table above and will be subject to proration as described in the
Offer Documents. Target currently expects to accept for purchase
100% of the Long-Dated Notes validly tendered and not validly
withdrawn for the series listed in the table above at Acceptance
Priority Level 1 and, on a pro rata basis, approximately 29%
of the Long-Dated Notes validly tendered and not validly withdrawn
for the series listed in the table above at Acceptance Priority
Level 2. Target currently expects to accept for purchase 100%
of the Short-Dated Notes validly tendered and not validly withdrawn
for the series listed above at Acceptance Priority Levels 1
and 2. The principal amount of the series listed in the table above
at Acceptance Priority Levels 1 and 2 for both the Long-Dated
Notes and Short-Dated Notes that are ultimately accepted for
purchase will depend upon whether holders tender additional
Securities after the Early Tender Date. Target does not expect to
accept for purchase any of the Long-Dated Notes for the series
listed above at Acceptance Priority Levels 3 through 5. The
Securities not accepted for purchase will be promptly credited to
the account of the registered holder of such Securities with The
Depository Trust Company or otherwise returned in accordance with
the Offer Documents.
The “Total Consideration” will be
determined in the manner described in the Offer Documents at 2:00
p.m., New York City time, on April 18, 2016, unless extended
or earlier terminated. Holders of Securities validly tendered and
not validly withdrawn at or prior to the Early Tender Date are
eligible to receive the Total Consideration for any such Securities
accepted for purchase. Holders of Securities who validly tender
their Securities after the Early Tender Date but at or prior to the
Maximum Tender Expiration Date will be eligible to receive only an
amount equal to the Total Consideration minus the “Early Tender
Payment” set forth in the table above for any such Securities
accepted for purchase.
Holders will also receive accrued and unpaid interest on
Securities 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 Securities, which date is
anticipated to be May 2, 2016.
Information Relating to the Maximum Tender OffersCopies
of the offer to purchase and letter of transmittal 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 Maximum 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 Maximum Tender Offers.
Barclays Capital Inc., Citigroup Global Markets Inc. and J.P.
Morgan Securities LLC are the dealer managers for the Maximum
Tender Offers. Investors with questions regarding the Maximum
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 the Securities is making any
recommendation as to whether holders should tender any Securities
in response to any of the Maximum 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 Maximum 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160415005966/en/
Target CorporationJohn Hulbert, Investors,
612-761-6627orErin Conroy, Media, 612-761-5928orTarget Media
Hotline, 612-696-3400
Target (NYSE:TGT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Target (NYSE:TGT)
Historical Stock Chart
From Sep 2023 to Sep 2024