TARGET CORP

$4bn committed across 1 active facility, next covenant test Sep 30, 2026. TGT

Recent changes

Aug 14, 2026TARGET CORP signs $4bn FIVE-YEAR CREDIT AGREEMENT, matures Aug 2031 SEC ↗

CovenantTestedHeadroomLimit now

Tested quarterlyHeadroom not yet measured0.20

The Borrower will not permit, at the end of any fiscal quarter, the aggregate amount of Debt of the Borrower and its Consolidated Subsidiaries, determined on a consolidated basis, secured by Liens on assets of the Borrower or any of its Consolidated Subsidiaries ... to exceed 20% of Consolidated Tangible Net Worth.

Read the filing on sec.gov ↗

Tested quarterlyHeadroom not yet measured0.75x

The Borrower will not, at the end of any fiscal quarter of the Borrower, permit the ratio of (a) Total Finance Liabilities to (b) Total Capitalization to be greater than or equal to 0.75 to 1.00.

Read the filing on sec.gov ↗

Download CSV · Download JSON

FIVE-YEAR CREDIT AGREEMENT

Signed Aug 14, 2026

Committed: $4bn
Matures: Aug 2031
Agent: Bank of America, N.A.

Tranche	Size	Matures	Margin
Revolving credit facility	$4bn	Aug 2031	46–90 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

Level	Condition	Margin	Unused fee
Level I	Greater than or equal to AA- by S&P or Aa3 by Moody’s	46 bps	n/a
Level II	A+ by S&P or A1 by Moody’s	58 bps	n/a
Level III	A by S&P or A2 by Moody’s	69 bps	n/a
Level IV	A- by S&P or A3 by Moody’s	80 bps	n/a
Level V	Equal to or less than BBB+ by S&P or Baa1 by Moody’s	90 bps	n/a
Level Facility Fee Level I	Level I Status	n/a	5 bps
Level Facility Fee Level II	Level II Status	n/a	5 bps
Level Facility Fee Level III	Level III Status	n/a	6 bps
Level Facility Fee Level IV	Level IV Status	n/a	8 bps
Level Facility Fee Level V	Level V Status	n/a	10 bps

Lenders: BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, U.S. Bank National Association

No amendments on file yet.

Report an error

Email [email protected].