Target gets $1 billion 364-day unsecured revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Oct. 25 – Target Corp. obtained a $1 billion 364-day unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the credit agreement on Oct. 25 with Bank of America, NA as administrative agent, BofA Securities, Inc., Citibank, NA, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and U.S. Bank NA as joint lead arrangers and bookrunners and Citibank as syndication agent.

There is a $500 million accordion.

The credit agreement will expire on Oct. 24, 2023, on which date Target may elect to convert all loans outstanding under the credit agreement into a term loan that is payable in one year.

Borrowings bear interest at SOFR plus a credit spread adjustment plus a margin.

Target is a discount merchandise retailer based in Minneapolis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.