30 04 2016

Target Corporation's $2 Billion Notes Offering

Simpson Thacher represented the underwriters, led by Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, in connection with an offering by Target Corporation of $1 billion aggregate principal amount of 2.5% Notes due 2026 and $1 billion aggregate principal amount of 3.625% Notes due 2046.


The proceeds of the notes offering will be used to pay for Target Corporation’s cash tender offers for up to a maximum aggregate purchase price of $1.8 billion of various series of its outstanding notes and debentures and for general corporate purposes, including the potential refinancing of upcoming debt maturities.  Target is a leading operator of large-format general merchandise discount stores in the United States. Target serves guests at 1,793 stores and at Target.com. The company, led by Brian C Cornell, Casey L Carl, Catherine R Smith, John J Mulligan and Mike McNamara, is based in Minneapolis (MN). The Simpson Thacher team included: Risë B. Norman, (Picture) Alexander Muller and Patrick H. Vergara (Capital Markets); Jonathan Cantor and Andrew B. Purcell (Tax); Alina Grinman (Executive Compensation and Employee Benefits); Adeeb R. Fadil (Environmental); Monica Chan (Intellectual Property); and Jennie Getsin (Blue Sky). Involved fees earner: Risë Norman - Simpson Thacher & Bartlett; Alexander Muller - Simpson Thacher & Bartlett; Patrick Vergara - Simpson Thacher & Bartlett; Jonathan Cantor - Simpson Thacher & Bartlett; Andrew Purcell - Simpson Thacher & Bartlett; Alina Grinman - Simpson Thacher & Bartlett; Adeeb Fadil - Simpson Thacher & Bartlett; Monica Chan - Simpson Thacher & Bartlett; Jennie Getsin - Simpson Thacher & Bartlett;

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