---
schema_version: "secwatch.filing_event.v1"
accession: "0000027419-23-000041"
form_type: "8-K"
ticker: "TGT"
cik: "0000027419"
company_name: "TARGET CORP"
filed_at: "2023-10-18T23:59:59+00:00"
generated_at: "2026-06-09T22:03:55.419153+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Target enters new $1.0B 364-day credit facility, replaces prior agreement

## Summary
- $1.0B aggregate commitment, expandable by $500M, under 364-day credit agreement dated Oct 18, 2023.
- Replaces prior 364-day credit agreement that was set to expire Oct 24, 2023.
- Borrowings bear interest at base rate or term SOFR plus applicable margin based on debt ratings.
- Option to convert outstanding loans on termination to term loans due one year later.
- Customary covenants including leverage ratio and events of default.

## SEC filing metadata
- accession: 0000027419-23-000041
- form_type: 8-K
- ticker: TGT
- cik: 0000027419
- company_name: TARGET CORP
- filed_at: 2023-10-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 1.01, 1.02, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/27419/000002741923000041/0000027419-23-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/27419/000002741923000041/tgt-20231018.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000027419-23-000041
- JSON: https://secwatch.observer/filing/0000027419-23-000041.json
- Plain text: https://secwatch.observer/filing/0000027419-23-000041.txt

## Key facts
- Debt Financings
  TARGET CORP incurred credit facility of up to $1.0 billion with Bank of America, N.A., as administrative agent at base rate or term SOFR rate (which includes a SOFR adjustment), in each case plu maturing October 16, 2024.
  - Instrument: credit facility
  - Principal: up to $1.0 billion
  - Counterparty: Bank of America, N.A., as administrative agent
  - Rate: base rate or term SOFR rate (which includes a SOFR adjustment), in each case plu
  - Maturity: October 16, 2024
  - Event: incurrence
  source text: October 25, 2022, which was scheduled to expire on October 24, 2023. Under the Credit Agreement, the Banks committed to provide loans in an aggregate principal amount of up to $1.0 billion, which may be increased from time to time by up to $500 million. Borrowings under the Credit Agreement bear interest at a base rate or term SOFR rate (which includes a SOFR
  evidence_url: https://www.sec.gov/Archives/edgar/data/27419/000002741923000041/0000027419-23-000041-index.htm
- Material Agreements
  TARGET CORP terminated 364-Day Credit Agreement, dated as of October 25, 2022 (effective 2023-10-18).
  - Action: termination
  - Agreement: credit facility
  - Effective: 2023-10-18
  source text: In connection with the entry into the Credit Agreement, Target terminated its prior 364-Day Credit Agreement, dated as of October 25, 2022, which was scheduled to expire on October 24, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/27419/000002741923000041/0000027419-23-000041-index.htm
- Material Agreements
  TARGET CORP entered into Credit Agreement with banks listed therein; Bank of America, N.A., as administrative agent; Citibank, N.A., as syndication agent; BofA Securities, Inc., Citibank, N.A., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and U.S. Bank National Association, as joint lead arrangers and joint bookrunners valued at up to $1.0 billion (effective 2023-10-18).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: banks listed therein; Bank of America, N.A., as administrative agent; Citibank, N.A., as syndication agent; BofA Securities, Inc., Citibank, N.A., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and U.S. Bank National Association, as joint lead arrangers and joint bookrunners
  - Value: up to $1.0 billion
  - Effective: 2023-10-18
  source text: On October 18, 2023, Target Corporation (“Target”) entered into a 364-Day Credit Agreement (the “Credit Agreement”) with the banks listed therein (the “Banks”), the co-documentation agents listed therein, Bank of America, N.A., as administrative agent (the “Agent”), Citibank, N.A., as syndication agent, and BofA Securities, Inc., Citibank, N.A., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and U.S. Bank National Association, as joint lead arrangers and joint bookrunners.
  evidence_url: https://www.sec.gov/Archives/edgar/data/27419/000002741923000041/0000027419-23-000041-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.