Simpson Thacher Represents the Underwriters in $2 Billion Notes Offering by Target Corporation
04.13.16
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Simpson Thacher represented the underwriters, led by Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, in connection with an offering by Target Corporation of $1 billion aggregate principal amount of 2.5% Notes due 2026 and $1 billion aggregate principal amount of 3.625% Notes due 2046. The proceeds of the notes offering will be used to pay for Target Corporation’s cash tender offers for up to a maximum aggregate purchase price of $1.8 billion of various series of its outstanding notes and debentures and for general corporate purposes, including the potential refinancing of upcoming debt maturities.
Target is a leading operator of large-format general merchandise discount stores in the United States. Target serves guests at 1,793 stores and at Target.com.
The Simpson Thacher team included: Risë B. Norman, Alexander Muller and Patrick H. Vergara (Capital Markets); Jonathan Cantor and Andrew B. Purcell (Tax); Alina Grinman (Executive Compensation and Employee Benefits); Adeeb R. Fadil (Environmental); Monica Chan (Intellectual Property); and Jennie Getsin (Blue Sky).