By Andrea Heisinger
New York, June 21 - Target Corp. sold $1.5 billion of 4% 30-year bonds on Thursday at a spread of Treasuries plus 145 basis points, a market source said.
The notes (A2/A+/A-) were priced at 97.859 to yield 4.125%.
The bonds have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put at 101%.
Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities LLC were the active bookrunners. Passive bookrunners were Citigroup Global Markets Inc. and Goldman Sachs & Co.
Senior co-managers were Deutsche Bank Securities Inc. and U.S. Bancorp Investments Inc.
HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC and TD Securities (USA) LLC were the co-managers.
Junior co-managers were BNY Mellon Capital Markets LLC, Loop Capital Markets LLC and SMBC Nikko Capital Markets Ltd.
Proceeds will be used for general corporate purposes.
Target was last in the market with a $2.5 billion offering in two tranches on Jan. 9.
The discount merchandise chain is based in Minneapolis.
| Issuer: | Target Corp.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Maturity: | July 1, 2042
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities LLC (active), Citigroup Global Markets Inc., Goldman Sachs & Co. (passive)
|
| Senior co-managers: | Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, TD Securities (USA) LLC
|
| Junior co-managers: | BNY Mellon Capital Markets LLC, Loop Capital Markets LLC, SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 4%
|
| Price: | 97.859
|
| Yield: | 4.125%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | June 21
|
| Settlement date: | June 26
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
