Target Corporation Announces Final Results of Maximum Tender Offers

  Target Corporation Announces Final Results of Maximum Tender Offers

Business Wire

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Notes validly tendered and not validly withdrawn.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
7.000%
Notes due   87612EAU0  $2,250,000,000  1           $1,464.73      $1,434.73      $1,127,303,000  $760,746,000  33.81%
2038
6.35%
Debentures  87612EAK2  $550,000,000    2           N/A^(2)        N/A^(2)        $90,320,000     $0            0%
due 2032
6.500%
Notes due   87612EAR7  $1,250,000,000  3           N/A^(2)        N/A^(2)        $379,360,000    $0            0%
2037
9 7/8%
Debentures  239753BC9  $38,650,000     4           N/A^(2)        N/A^(2)        $1,858,000      $0            0%
due 2020
8 7/8%
Debentures  239753BL9  $21,628,000     5           N/A^(2)        N/A^(2)        $9,060,000      $0            0%
due 2022
9.70%
Debentures  239753BG0  $27,715,000     6           N/A^(2)        N/A^(2)        $1,189,000      $0            0%
due 2021
8.80%
Debentures  239753BM7  $40,830,000     7           N/A^(2)        N/A^(2)        $1,819,000      $0            0%
due 2022
9%
Debentures  239753BJ4  $16,652,000     8           N/A^(2)        N/A^(2)        $1,887,000      $0            0%
due 2021
(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.

About Target
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
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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