8-KRegulation FDExhibits & Filings

TARGET CORP 8-K Report, Regulation FD Disclosure (Apr 21, 2010)

Filed April 21, 2010For Securities:TGT

Summary

This 8-K filing by Target Corporation, filed on April 21, 2010, primarily serves as a disclosure for regulatory purposes under Regulation FD. The key event reported is the delivery of monthly reports concerning the Floating Rate Class A Asset Backed Notes, Series 2005-1, and Subordinated Interests, Series 2005-1, issued by the Target Credit Card Owner Trust 2005-1. These reports were provided by Target's wholly-owned subsidiaries, Target Receivables Corporation and Target National Bank, to the Trustee. More significantly for investors, the filing confirms the successful completion of Target Receivables Corporation's tender offer to purchase all outstanding Floating Rate Class A Asset backed Notes, Series 2005-1. This repurchase, which occurred on April 14, 2010, involved paying noteholders the principal value plus accrued interest up to April 13, 2010, effectively settling all outstanding obligations related to these notes and indicating no further distributions will be made to these noteholders.

Key Highlights

  • 1Target Corporation's subsidiary, Target Receivables Corporation, successfully repurchased all outstanding Floating Rate Class A Asset backed Notes, Series 2005-1.
  • 2The tender offer for these notes was completed on April 14, 2010.
  • 3Noteholders were paid the principal value plus accrued interest up to April 13, 2010.
  • 4No further distributions are due to the holders of these specific notes.
  • 5The filing includes the delivery of monthly reports for the Series 2005-1 trust to the Trustee.
  • 6These reports relate to the Floating Rate Class A Asset Backed Notes and Subordinated Interests of the Target Credit Card Owner Trust 2005-1.
  • 7The disclosure is made under Regulation FD, ensuring broad dissemination of material information.

Frequently Asked Questions

The main purpose of this 8-K filing is to disclose that Target Corporation, through its subsidiaries, has delivered monthly reports related to specific asset-backed notes (Series 2005-1) to the Trustee. It also confirms the successful completion of a tender offer to repurchase these notes.

Target Receivables Corporation, a wholly-owned subsidiary, purchased all of the outstanding Floating Rate Class A Asset backed Notes, Series 2005-1, on April 14, 2010, through a tender offer. Noteholders received payment of principal plus accrued interest, meaning these notes have been fully retired and no further payments are due.

No, this filing does not provide new financial performance data such as revenue or earnings. It is primarily a disclosure of a completed debt transaction and the delivery of servicing reports for a specific securitization trust. Investors should refer to Target's earnings releases or other periodic filings for financial performance updates.

Target Receivables Corporation and Target National Bank are wholly-owned subsidiaries of Target Corporation. Target Receivables Corporation was involved in the repurchase of the asset-backed notes, and both entities are involved in the delivery of the monthly reports to the Trustee for the Target Credit Card Owner Trust 2005-1.