Target Corp. is seeking to raise $750 million in a bond offering, according to a prospectus filed Jan. 21.
The U.S. big-box retailer is offering its 2.350% notes due 2030.
Target priced the notes at 99.813% of the principal amount, with interest to be paid every Feb. 15 and Aug. 15 of each year starting Aug. 15.
The company expects to see net proceeds of about $745.2 million from the offering, which Target plans to use for general corporate purposes, including the refinancing of its maturing debt.
BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers.
U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets LLC and TD Securities (USA) LLC are serving as senior co-managers, while Fifth Third Securities Inc., SMBC Nikko Securities America Inc., Academy Securities Inc., Loop Capital Markets LLC and Samuel A. Ramirez & Co. Inc. have been tapped to serve as co-managers.
The proposed unsecured notes were rated A by S&P Global Ratings, A2 by Moody's and A- by Fitch.