TARGET CORP (TGT): debt financing — Target enters $1.0B 364-day credit facility, replaces prior agreement

TARGET CORP

New facility provides aggregate principal up to $1.0B, expandable by $500M.
Credit Agreement matures October 8, 2026; prior Oct 2024 agreement terminated.
Borrowings bear interest at base rate or term SOFR plus margin based on debt ratings.
Outstanding loans may convert to term loans due one year after termination date.
Includes customary covenants including leverage ratio covenant for Target and subs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

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, in each case plus an applicable margin maturing October 8, 2026.

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, in each case plus an applicable margin
Maturity: October 8, 2026
Event: incurrence

Exact text from the filing

October 15, 2024, which was scheduled to expire on October 14, 2025. 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, in each case plus an

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Source: SEC EDGAR

accession 0000027419-25-000121

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