Target Discloses Final Results Of Its Tender Offer

Target Corporation

revealed the final results of its tender offers to buy back a maximum of $380.34 million "Long-Dated Notes Maximum Payment Amount" of the Long-Dated Notes and $800.0 million of the "Short-Dated Notes Maximum Payment Amount of the Short-Dated Notes that commenced on April 4, 2016 and expired at 11:59 p.m., on April 29, 2016. Target said that it accepted $256.2- million worth of the principal amount of Long-Dated Notes validly tendered but not validly withdrawn. Similar was the case in respect of $567.85 million aggregate principal amount of Short-Dated Notes validly tendered and not validly withdrawn. These have totaled $824.06 million. The chain of retailer indicated that it would pay aggregate Total Consideration and Late Tender Offer Consideration of about $980.501 million for the Securities accepted for purchase. Target said that it accepted the Securities for purchase in accordance with the "Acceptance Priority Levels." The company indicated that it did not accept any of the Long-Dated Notes at Acceptance Priority Levels 3 through 5. The company expects to make payment for the applicable Securities accepted for purchase in same-day funds today, May 2. The company added that Securities not accepted for purchase would be promptly credited to the account of the registered holder of such Securities with The Depository Trust Company or otherwise returned in accordance with the Offer Documents. Shares of the company traded 0.30% higher on Monday.