Target replaces $4.0 billion credit line with new five-year facility
On August 14, 2026, Target entered into a five-year, $4.0 billion unsecured revolving credit agreement that expires August 14, 2031, with two one-year extension options. On the same date, Target terminated its prior $3.0 billion five-year credit agreement and its $1.0 billion 364-day credit agreement, which were scheduled to expire in 2028 and October 2026. The filing says the other terms of the terminated agreements were substantially similar to the new facility, and it includes a leverage ratio covenant.
Key points
- New $4.0 billion unsecured revolving credit facility expires August 14, 2031, with two one-year extension options.
- Target may increase commitments by up to an additional $1.0 billion, subject to conditions.
- Terminated a $3.0 billion facility dated October 18, 2021 (scheduled to expire October 18, 2028) and a $1.0 billion 364-day facility (scheduled to expire October 8, 2026).
- Includes a leverage ratio financial covenant; obligations may be accelerated if an event of default is not cured or waived.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 14, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.