Target enters $1.0B 364-day credit facility with option to upsize by $500M

TARGET CORP

Credit agreement with Bank of America as admin agent, Citi as syndication agent, and several co-lead arrangers.
Facility matures October 24, 2023; borrowings bear interest at base rate or term SOFR plus margin tied to debt ratings.
Target may convert outstanding loans into term loans due one year after the termination date.
Includes a leverage ratio financial covenant and customary events of default.

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