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Target sets pricing of separate tender offers for six note series
By Wendy Van Sickle
Columbus, Ohio, Oct. 20 – Target Corp. priced its six separate tender offers for six series of notes, according to a press release.
The offer opened on Oct. 16 and was set to run until 5 p.m. ET on Oct. 20.
Pricing was set using a fixed spread plus the yield of the bid-side price of the U.S. Treasury security at 2 p.m. ET on Oct. 20 for a purchase price for each $1,000 principal amount as follows:
• $659,818,000 7% notes due 2038 using the 3% Treasury note due May 15, 2047 plus 85 bps for a purchase price of $1,459.10;
• $580,611,000 6.5% notes due 2037 using the 3% Treasury note due May 15, 2047 plus 85 bps for a purchase price of $1,385.43;
• $502,557,000 6.35% debentures due 2032 using the 2.25% Treasury note due Aug. 15, 2027 plus 120 bps for a purchase price of $1,319.82;
• $218,332,000 7% debentures due 2031 using the 2.25% Treasury note due Aug. 15, 2027 plus 115 bps for a purchase price of $1,375.01;
• $115,827,000 6.65% debentures due 2028 using the 2.25% Treasury note due Aug. 15, 2027 plus 105 bps for a purchase price of $1,288.00; and
• $135,479,000 6.75% debentures due 2028 using the 2.25% Treasury note due Aug. 15, 2027 plus 105 bps for a purchase price of $1,283.49.
Tendered notes could be withdrawn before the end of the offer.
Settlement is expected to occur on Oct. 23.
Holders will also receive accrued interest up to but excluding the payment date. Settlement for notes tendered by guaranteed delivery is expected to occur on Oct. 25.
Global Bondholder Services Corp. (866 470-3900, 212 430-3774 or gbsc-usa.com/Target/) is the tender and information agent. BofA Merrill Lynch (888 292-0070 or 980 387-3907), Deutsche Bank Securities (866 627-0391 or 212 250-2955) and Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6595) are the dealer managers.
Target is a discount merchandise retailer based in Minneapolis.
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