Target Corp Files 8-K on Agreements and Obligations

TL;DR

Target filed an 8-K on Oct 15, 2024, covering new deals and debt obligations.

AI Summary

On October 15, 2024, Target Corporation filed an 8-K report detailing the entry into and termination of material definitive agreements, as well as the creation of direct financial obligations. Specific details regarding the nature of these agreements and obligations were not provided in the excerpt.

Why It Matters

This filing indicates significant changes in Target's contractual and financial commitments, which could impact its operational and financial standing.

Risk Assessment

Risk Level: medium — The filing mentions material definitive agreements and financial obligations, which could represent significant business changes or risks for the company.

Key Numbers

• 1-6049 — Commission File Number (SEC file identifier for Target Corp)
• 41-0215170 — IRS Employer Identification No. (Tax identification for Target Corp)

Key Players & Entities

• Target Corporation (company) — Registrant
• October 15, 2024 (date) — Date of earliest event reported
• Minnesota (location) — State of incorporation
• 1000 Nicollet Mall, Minneapolis, Minnesota 55403 (address) — Principal executive offices
• Dayton Hudson Corp (company) — Former company name
• Dayton Corp (company) — Former company name

FAQ

Key Financial Figures

• $0.0833 — ich registered Common stock, par value $0.0833 per share TGT New York Stock Exchange
• $1.0 b — an aggregate principal amount of up to $1.0 billion, which may be increased from time
• $500 million — be increased from time to time by up to $500 million. Borrowings under the Credit Agreement

Filing Documents

• tgt-20241015.htm (8-K) — 30KB
• 0000027419-24-000171.txt ( ) — 153KB
• tgt-20241015.xsd (EX-101.SCH) — 2KB
• tgt-20241015_lab.xml (EX-101.LAB) — 22KB
• tgt-20241015_pre.xml (EX-101.PRE) — 12KB
• tgt-20241015_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement . On October 15, 2024, Target Corporation ("Target") entered into a 364-Day Credit Agreement (the "Credit Agreement") with the banks listed therein (the "Banks"), the co-documentation agents listed therein, Bank of America, N.A., as administrative agent (the "Agent"), Citibank, N.A., as syndication agent, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, and U.S. Bank National Association, as joint lead arrangers and joint bookrunners. The Credit Agreement will expire on October 14, 2025 (the "Termination Date"). In connection with the entry into the Credit Agreement, Target terminated its prior 364-Day Credit Agreement, dated as of October 18, 2023, which was scheduled to expire on October 16, 2024. 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 (which includes a SOFR adjustment), in each case plus an applicable margin, which varies based on the type of loan and Target's debt ratings. Target may, at its option, elect to convert all loans outstanding on the Termination Date into term loans due and payable on the first anniversary of the Termination Date. The terms of the Credit Agreement include representations and warranties, affirmative and negative covenants, including a financial covenant regarding the leverage ratio of Target and its consolidated subsidiaries, and events of default that are customary for credit facilities of this nature. Upon the occurrence, and during the continuance, of an event of default, the Agent may terminate the commitments of the Banks under the Credit Agreement and declare any outstanding loans under the Credit Agreement immediately due and payable. The foregoing description of the Credit Agreement is qualif

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement . The information set forth under Item 1.01 is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant . The information set forth under Item 1.01 is incorporated herein by reference.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TARGET CORPORATION Date: October 15, 2024 By: /s/ Amy Tu Name: Amy Tu Title: Executive Vice President and Chief Legal & Compliance Officer