European Investor
09 Oct 2025, 20:47
Target Enters $1 Billion 364-Day Credit Agreement
Target Corporation (NYSE: TGT) announced that it entered into a new 364-day credit agreement on October 9, 2025, providing for loans of up to $1 billion, with the option to increase the facility by an additional $500 million. The agreement, led by Bank of America as administrative agent and Citibank as syndication agent, will mature on October 8, 2026.
The facility replaces Target’s previous $1 billion 364-day credit agreement dated October 15, 2024, which was scheduled to expire on October 14, 2025. Borrowings under the new agreement will bear interest at either a base rate or term SOFR rate plus an applicable margin tied to Target’s credit ratings. The company may convert outstanding loans at maturity into term loans due one year later.
The agreement includes standard covenants and default provisions, including a leverage ratio requirement for Target and its subsidiaries.
Target Corporation (NYSE: TGT) announced that it entered into a new 364-day credit agreement on October 9, 2025, providing for loans of up to $1 billion, with the option to increase the facility by an additional $500 million. The agreement, led by Bank of America as administrative agent and Citibank as syndication agent, will mature on October 8, 2026.
The facility replaces Target’s previous $1 billion 364-day credit agreement dated October 15, 2024, which was scheduled to expire on October 14, 2025. Borrowings under the new agreement will bear interest at either a base rate or term SOFR rate plus an applicable margin tied to Target’s credit ratings. The company may convert outstanding loans at maturity into term loans due one year later.
The agreement includes standard covenants and default provisions, including a leverage ratio requirement for Target and its subsidiaries.
