Target Corporation Announces Final Results of Maximum Tender Offers
MINNEAPOLIS -- April 11, 2013
Target Corporation (“Target”) (NYSE:TGT) today announced the final results of
its previously announced tender offers (the “Maximum Tender Offers”) to
purchase for cash up to $1,114,268,003 (the “Maximum Payment Amount”) of its
debt securities listed in the table below (collectively, the “Notes”), which
commenced on March 13, 2013 and expired at 11:59 p.m., New York City time, on
April 10, 2013 (the “Maximum Tender Expiration Date”).
Target has accepted for purchase $760,746,000 aggregate principal amount of
Notes validly tendered and not validly withdrawn. Target will pay aggregate
Total Consideration and Late Tender Offer Consideration of $1,114,267,539 for
the Notes accepted for purchase.
As further explained in the offer to purchase and related letter of
transmittal, each dated March 13, 2013 (the “Tender Offer Documents”), Target
accepted the Notes for purchase in accordance with the “Acceptance Priority
Levels” set forth in the table below. Due to oversubscription, Target accepted
for purchase on a pro rata basis approximately 67% of the Notes listed in the
table below at Acceptance Priority Level 1. Target has not accepted for
purchase any of the Notes listed below at Acceptance Priority Levels 2 through
8. Target expects to make payment for the applicable Notes accepted for
purchase in same-day funds on April 11, 2013. The Notes not accepted for
purchase will be promptly credited to the account of the registered holder of
such Notes with The Depositary Trust Company or otherwise returned in
accordance with the Tender Offer Documents.
Holders of Notes who validly tendered and did not validly withdraw their Notes
at or prior to 5:00 p.m., New York City time, on March 27, 2013 (such date and
time, the “Early Tender Date”) are eligible to receive the full “Total
Consideration” listed in the table below for Notes accepted for purchase.
Holders of Notes who validly tendered their Notes after the Early Tender Date
but at or prior to the Maximum Tender Expiration Date are eligible only to
receive an amount equal to the “Late Tender Offer Consideration” listed in the
table below for Notes accepted for purchase.
Up to the Maximum Payment Amount of the Outstanding Notes Listed Below
Principal Principal Percentage
Late Tender Amount Amount of
Principal Acceptance Total Offer Tendered Accepted Outstanding
Title of CUSIP Amount Priority Consideration Consideration at for Notes
Security Number Outstanding Level (1) (1) Expiration Purchase Purchased
Notes due 87612EAU0 $2,250,000,000 1 $1,464.73 $1,434.73 $1,127,303,000 $760,746,000 33.81%
Debentures 87612EAK2 $550,000,000 2 N/A^(2) N/A^(2) $90,320,000 $0 0%
Notes due 87612EAR7 $1,250,000,000 3 N/A^(2) N/A^(2) $379,360,000 $0 0%
Debentures 239753BC9 $38,650,000 4 N/A^(2) N/A^(2) $1,858,000 $0 0%
Debentures 239753BL9 $21,628,000 5 N/A^(2) N/A^(2) $9,060,000 $0 0%
Debentures 239753BG0 $27,715,000 6 N/A^(2) N/A^(2) $1,189,000 $0 0%
Debentures 239753BM7 $40,830,000 7 N/A^(2) N/A^(2) $1,819,000 $0 0%
Debentures 239753BJ4 $16,652,000 8 N/A^(2) N/A^(2) $1,887,000 $0 0%
(1) Per $1,000 principal amount of Notes.
(2) Total Consideration and Late Tender Offer Consideration omitted because Target did not purchase any Notes of this series.
Information Relating to the Maximum Tender Offers
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as lead
dealer managers for the Maximum Tender Offers. This press release is for
informational purposes only and is not an offer to buy, or the solicitation of
an offer to sell, any securities.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,808 stores
– 1,784 in the United States and 24 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
For more information, visit Target.com/Pressroom.
John Hulbert, Investors, 612-761-6627
Stacey Wempen, Financial Media, 612-761-6785
Target Media Hotline, 612-696-3400
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