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Target Corporation Announces Initial Results And Upsizing Of Pending Maximum Tender Offers

The following excerpt is from the company's SEC filing.

MINNEAPOLIS (April 15, 2016)

Target Corporation (

) (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aggregate principal amount of Short-Dated Notes (as defined below) had been validly tendered and not validly withdrawn.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The table below sets forth the aggregate principal amount and percentage of Securities validly tendered and not validly withdrawn by the Early Tender Date.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

more

Target Corporation Announces Initial Results and Upsizing of

Pending Maximum Tender Offers Page 2 of 4

Up to the Long-Dated Notes Maximum Payment Amount of the Outstanding Securities Listed Below (the

Long-Dated Notes

Title of Security

Number

Principal

Amount

Outstanding

Acceptance

Priority

Level

Spread

(Basis

Points)

Treasury

Reference Security

Bloomberg

Page

Tender

Payment

Tendered at

Early Tender

Date

Percent

of Amount

Out-

standing

7.000% Notes due 2038

87612EAU0

$868,577,000

+100 bps

3.000% due November 15, 2045

$208,759,000

24.03%

6.35% Debentures due 2032

87612EAK2

$550,000,000

+85 bps

$162,471,000

29.54%

7.00% Debentures due 2031

87612EAF3

$218,332,000

$22,407,000

10.26%

6.65% Debentures due 2028

239753DL7

$115,827,000

+150 bps

1.625% due...


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