Current Report Filing (8-k)
October 18 2021 - 4:53PM
Edgar (US Regulatory)
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2021-10-18
2021-10-18
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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported) October 18, 2021
Target Corporation
(Exact name of registrant
as specified in its charter)
Minnesota
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1-6049
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41-0215170
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1000 Nicollet Mall, Minneapolis, Minnesota 55403
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(Address of principal executive offices, including zip code)
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(612) 304-6073
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(Registrant’s telephone number, including area code)
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Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, par value $0.0833 per share
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TGT
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New York Stock Exchange
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Indicate by check mark
whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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Item 1.01.
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Entry into a Material Definitive Agreement.
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On October 18, 2021, Target Corporation (“Target”) entered
into a Five-Year Credit Agreement with certain lenders, Bank of America, N.A. as administrative agent and Citibank, N.A. as syndication
agent, for a $3.0 billion unsecured revolving credit facility (the “Credit Agreement”). Target may increase the credit facility
commitments up to an additional $1.0 billion, subject to the satisfaction of certain conditions. The Credit Agreement will expire in October
2026, unless extended for up to two additional years under the terms of the Credit Agreement. Borrowings under the Credit Agreement will
bear interest at the rates specified in the Credit Agreement, which vary based on the type of loan and Target’s debt ratings. The
Credit Agreement contains a financial covenant regarding the leverage ratio of Target and its subsidiaries. The Credit Agreement also
contains other customary covenants and events of default for credit facilities of this type. Upon an event of default that is not cured
or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under
the Credit Agreement may be accelerated.
A copy of the Credit Agreement will be filed as an Exhibit to Target’s
Quarterly Report on Form 10-Q for the quarter ended October 30, 2021.
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Item 1.02.
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Termination of a Material Definitive Agreement.
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In connection with entering into the Credit Agreement described above,
on October 18, 2021, Target terminated its prior $2.5 billion Five-Year Credit Agreement, dated as of October 5, 2016, with certain lenders,
Bank of America, N.A. as administrative agent and Citibank, N.A. as syndication agent, as previously amended on August 7, 2017 and August
6, 2018 (the “Prior Credit Agreement”). The Prior Credit Agreement was scheduled to expire in October 2023. The other material
terms and conditions of the Prior Credit Agreement were substantially similar to the material terms and conditions of the Credit Agreement
described above under Item 1.01.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information set forth under Item 1.01 above is incorporated herein
by reference.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TARGET CORPORATION
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Date: October 18, 2021
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/s/ Don H. Liu
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Don H. Liu
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Executive Vice President and Chief Legal & Risk Officer
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