8-KRegulation FDExhibits & Filings

TARGET CORP 8-K Report, Regulation FD Disclosure (Mar 22, 2010)

Filed March 22, 2010For Securities:TGT

Summary

This 8-K filing from Target Corporation, dated March 22, 2010, primarily serves as a Regulation FD disclosure. Target, through its subsidiaries Target Receivables Corporation and Target National Bank, reported the delivery of monthly financial reports related to specific asset-backed notes and subordinated interests issued by the Target Credit Card Owner Trust 2005-1. These reports pertain to the monthly period ended February 27, 2010. For investors, this filing is informational in nature, providing transparency into the performance and status of these securitized credit card assets. While it does not contain new strategic initiatives or significant financial performance updates for the parent company itself, it offers a snapshot of the underlying credit card receivables portfolio that is collateralizing these specific debt instruments. Investors interested in the company's financial services segment or the credit quality of its securitized assets would find this information relevant.

Key Highlights

  • 1Target Corporation filed an 8-K on March 22, 2010.
  • 2The filing is a Regulation FD Disclosure (Item 7.01).
  • 3Target's subsidiaries, Target Receivables Corporation and Target National Bank, delivered monthly reports.
  • 4These reports relate to the Floating Rate Class A Asset Backed Notes, Series 2005-1, and Subordinated Interests, Series 2005-1.
  • 5The reporting entity is the Target Credit Card Owner Trust 2005-1.
  • 6The monthly period covered by the reports is ended February 27, 2010.
  • 7The filing includes exhibits containing the Servicer's Certificate, Collateral Certificateholders' Statement, and Administrator's Statement for the specified period.

Frequently Asked Questions

The main purpose of this 8-K filing is to disclose, under Regulation FD, that Target Corporation has delivered monthly financial reports concerning its credit card securitization trust (Target Credit Card Owner Trust 2005-1) to the Trustee. These reports provide updates on the performance of the underlying assets.

No, this filing does not present new consolidated financial results or earnings for Target Corporation. It specifically pertains to the monthly operational and collateral reports for a particular securitization trust related to its credit card operations.

The key entities involved are Target Corporation, its wholly-owned subsidiaries Target Receivables Corporation and Target National Bank, the Target Credit Card Owner Trust 2005-1, and the Trustee for the notes issued by the trust.

The filing discloses three specific monthly reports: the Servicer’s Certificate, the Collateral Certificateholders’ Statement, and the Administrator’s Statement, all for the Series 2005-1 issuances from the Target Credit Card Owner Trust 2005-1, covering the monthly period ended February 27, 2010.