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Target Corporation Announces Pricing of Pending Maximum Tender Offers

MINNEAPOLIS, Apr 18, 2016 (BUSINESS WIRE) -- Target Corporation (“Target”) TGT, +1.00% announced today the consideration payable in connection with its previously announced tender offers (the “Maximum Tender Offers”), which commenced on April 4, 2016 to purchase up to $380,335,649 ()Long-Dated Notes Maximum Payment Amount”) of the Long-Dated Notes (as defined below) and up to $800,000,000 (the “Short-Dated Notes Maximum Payment Amount”) of the Short-Dated Notes ()Securities” and each a “series” of Securities). The Maximum Tender Offers will expire at 11:59 p.m., New York City time, on April 29, 2016 unless extended ()Maximum Tender Expiration Date”). 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 ()Offer Documents”).

The table below sets forth the Total Consideration for each series of Securities.

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

Fixed
Principal Acceptance Spread
CUSIP Amount Priority U.S. Treasury Reference (Basis Total
Title of Security Number Outstanding Level Reference Security Yield Points)

Consideration [(1)]

7.000% Notes due 2038 87612EAU0

$868,577,000

1 3.000% due November 15, 2045 2.586% +100 bps $1,511.76
6.35% Debentures due 2032 87612EAK2 $550,000,000 2 3.000% due November 15, 2045 2.586% +85 bps $1,364.63
7.00% Debentures due 2031 87612EAF3 $218,332,000 3 3.000% due November 15, 2045 2.586% +85 bps $1,419.24
6.65% Debentures due 2028 239753DL7 $115,827,000 4 1.625% due February 15, 2026 1.778% +150 bps $1,337.83
6.75% Debentures due 2028 239753DJ2 $135,479,000 5 1.625% due February 15, 2026 1.778% +150 bps $1,334.24

Up to the Short-Dated Notes Maximum Payment Amount of the Outstanding Securities Listed...


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