New Issue: Target prices $750 million 3.9% 30-year notes to yield Treasuries plus 110 bps

By Cristal Cody

Tupelo, Miss., Oct. 16 – Target Corp. sold $750 million of 3.9% 30-year notes (A2/A/A-) on Monday at a spread of Treasuries plus 110 basis points, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.593 to yield 3.923%.

Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including debt refinancing.

The discount merchandise chain is based in Minneapolis.

Issuer:	Target Corp.
Amount:	$750 million
Description:	Notes
Maturity:	Nov. 15, 2047
Bookrunners:	Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
Senior co-managers:	U.S. Bancorp Investments, Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC and TD Securities (USA) LLC
Co-managers:	Fifth Third Securities, Inc., SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Academy Securities, Inc., Loop Capital Markets LLC and Samuel A. Ramirez & Co.
Coupon:	3.9%
Price:	99.593
Yield:	3.923%
Spread:	Treasuries plus 110 bps
Call features:	Make-whole call at greater of par or Treasuries plus 20 bps before May 15, 2047; thereafter at par
Trade date:	Oct. 16
Settlement date:	Oct. 20
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A-
Distribution:	SEC registered

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