Target Corporation Announces Pricing of Pending Any and All Tender Offers

  Target Corporation Announces Pricing of Pending Any and All Tender Offers

Business Wire

MINNEAPOLIS -- March 20, 2013

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
                             Principal        U.S.                        Fixed       Total
Title of     CUSIP       Amount         Treasury    Reference   Spread    Consideration
Security       Number        Outstanding      Reference     Yield         (Basis      (1)
                                              Security                    Points)
6.75%                                         2.750%
Debentures   239753DJ2   $170,000,000   due         3.197%      +75 bps   $1,311.50
due 2028                                      November
                                              15, 2042
6.65%                                         2.750%
Debentures   239753DL7   $154,900,000   due         3.197%      +75 bps   $1,309.07
due 2028                                      November
                                              15, 2042
7.00%                                         2.750%
Debentures   87612EAF3   $354,000,000   due         3.197%      +75 bps   $1,395.38
due 2031                                      November
                                              15, 2042

   (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.

In addition to the Any and All Tender Offers, Target previously announced its
pending tender offers (the “Maximum Tender Offers” and together with the Any
and All Tender Offers, the “Tender Offers”) to purchase up to a maximum
payment amount of eight series of securities specified in the Tender Offer
Documents (collectively, the “Maximum Tender Offer Notes” and together with
the Any and All Notes, the “Securities”). Target refers holders to the Tender
Offer Documents for the complete terms of the Tender Offers.

Information Relating to the Tender Offers
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead
dealer managers for the Tender Offers. Investors with questions regarding the
Tender Offers may contact 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). Global Bondholder Services
Corporation is the tender and information agent for the Tender Offers and can
be contacted at (866) 873-7700 (toll-free) or (212) 430-3774 (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 Tender Offer
Documents. Holders are strongly encouraged to read carefully the Tender Offer
Documents, including materials filed with the Securities and Exchange
Commission and incorporated by reference therein, because they contain
important information.

Holders may obtain a copy of the Tender 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) 873-7700
(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.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,804 stores
– 1,784 in the United States and 20 in Canada – and at Target.com. Since 1946,
Target has given 5 percent of its profit through community grants and
programs; today, that giving equals more than $4 million a week. For more
information about Target’s commitment to corporate responsibility, visit
Target.com/corporateresponsibility.

For more information, visit Target.com/Pressroom.

Contact:

Target Corporation
John Hulbert, Investors, 612-761-6627
or
Stacey Wempen, Financial Media, 612-761-6785
or
Target Media Hotline, 612-696-3400
 
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