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Get filing alertsTarget refinances $4B credit facilities with new $4B revolver expiring 2031
Filed August 14, 2026 · Period ending August 14, 2026 · ~1 min read
Key Changes
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high
Entered into $4.0 billion unsecured revolving credit facility expiring August 2031, expandable to $5.0 billion, with two one-year extension options available.
Item 1.01 verify on EDGAR → -
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Terminated prior $3.0 billion five-year facility (scheduled to expire October 2028) and $1.0 billion 364-day facility (scheduled to expire October 2026).
Item 1.02 verify on EDGAR → -
medium
Interest rates vary based on loan type and Target's debt ratings; facility includes leverage ratio covenant.
Item 1.01 verify on EDGAR →
Summary
Target refinanced its existing credit facilities by terminating a $3.0 billion five-year revolver and a $1.0 billion short-term facility, replacing them with a new $4.0 billion unsecured revolving credit facility. The new facility extends Target's liquidity runway to August 2031 and can be expanded to $5.0 billion subject to lender approval. Interest rates are tied to Target's debt ratings, and the agreement includes a standard leverage ratio covenant.
The refinancing consolidates two separate facilities into one larger commitment while extending the maturity profile. The $3.0 billion facility had roughly two years remaining, and the $1.0 billion facility was set to expire in two months. The new structure provides Target with enhanced financial flexibility for general corporate purposes while maintaining substantial undrawn liquidity capacity.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
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.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Borrowings under the Credit Agreement will bear interest at the rates specified in the Credit Agreement, which vary based on the type of loan and Target’s debt ratings.
Interest rates on borrowings will vary based on loan type and Target's debt ratings. The specific rates are detailed in the full Credit Agreement filed as an exhibit. This structure ties borrowing costs to Target's creditworthiness.
Added in current filing · verify on EDGAR →
The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including a financial covenant regarding the leverage ratio of Target and its subsidiaries.
The facility includes a leverage ratio covenant that Target and its subsidiaries must maintain. This is a standard requirement for credit facilities of this size and provides lenders with protection against excessive debt accumulation.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Target terminated two prior credit facilities totaling $4.0 billion and entered into a new credit agreement.
Added in current filing · verify on EDGAR →
on August 14, 2026, Target terminated its prior $3.0 billion Five-Year Credit Agreement, dated as of October 18, 2021, with certain lenders, Bank of America, N.A. as administrative agent, and the co-documentation agents and syndication agent listed therein, as previously amended on October 25, 2022 and September 20, 2023 (as amended, the “Prior Five-Year Credit Agreement”). The Prior Five-Year Credit Agreement was scheduled to expire on October 18, 2028.
Target terminated its $3.0 billion five-year revolving credit facility that was scheduled to expire in October 2028. This termination occurred in connection with entering into a new credit agreement described elsewhere in the filing. The prior facility had been in place since 2021 and was amended twice.
Added in current filing · verify on EDGAR →
on August 14, 2026, Target terminated its $1.0 billion 364-Day Credit Agreement, dated as of October 9, 2025, with certain lenders, Bank of America, N.A., as administrative agent, and the co-documentation agents and syndication agent listed therein (the “364-Day Credit Agreement”). The 364-Day Credit Agreement was scheduled to expire on October 8, 2026 and did not have an option to extend the term.
Target terminated its $1.0 billion short-term credit facility that was set to expire in approximately two months. This termination also occurred in connection with the new credit agreement. The facility was established in October 2025 and had no extension option.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 14, 2026 · How we verify