The Firm represented the underwriters in two offerings by Target Corporation: $1 billion principal amount of 2.900% Notes due 2022 in a public offering underwritten by an underwriting syndicate led by BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., Barclays Capital and J.P. Morgan; and $1.5 billion principal amount of Floating Rate Notes due 2013 in a public offering underwritten by Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays Capital and J.P. Morgan.
The net proceeds of the offerings will be used for general corporate purposes, including to prepay outstanding debt.
Target is a leading operator of large-format general merchandise discount stores in the United States. As of October 29, 2011, Target operated 1,767 stores in 49 states. Target also plans to open 125 to 135 new Target stores in Canada, primarily during 2013.
The Simpson Thacher team for the transaction included, among others, Glenn M. Reiter, Kirsten L. Davis, Jiyoung Sohn and Jae Won Lee Chung (Capital Markets), Jonathan Cantor (Tax) and Jennie Getsin (Blue Sky).