MINNEAPOLIS, Apr 06, 2010 (BUSINESS WIRE) --Target Corporation (NYSE:TGT) announced today that its indirect wholly owned subsidiary, Target Receivables Corporation (the "Company"), has commenced a tender offer (the "Offer") to purchase for cash any and all of the outstanding Floating Rate Class A Asset Backed Notes (the "Notes") listed below, issued by Target Credit Card Owner Trust 2005-1, a Delaware statutory trust. The terms and conditions of the Offer are set forth in the Company's Offer to Purchase, dated April 6, 2010, and the related Letter of Transmittal. The Notes that are subject to the Offer and the purchase price offered are:

(1) Per $1,000 principal amount of Notes.

The Offer will expire at 5:00 p.m., New York City time, on April 13, 2010, unless the Offer is extended or earlier terminated (the "Expiration Time"). Holders who wish to participate in this Offer must validly tender their Notes on or prior to the Expiration Time. Notes tendered pursuant to the Offer may not be withdrawn. The Company intends to cancel all Notes that are accepted and purchased in the Offer.

The purchase price for the Notes purchased pursuant to the Offer will be paid promptly following the Expiration Time. In addition to the purchase price specified in the table above, accrued and unpaid interest from and including the last interest payment date to, but not including, the payment date, will be paid in cash on all Notes accepted for purchase in the Offer. The Company intends to fund the Offer with cash on hand.

Barclays Capital Inc. and J.P. Morgan Securities Inc. are the Lead Dealer Managers for the Offer. Banc of America Securities LLC, Citigroup Global Markets Inc. and Goldman, Sachs & Co. are the Co-Dealer Managers. The Information Agent and Depositary for the Offer is Global Bondholder Services Corporation.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer is made only pursuant to the Offer to Purchase and the related Letter of Transmittal. Persons with questions regarding the Offer should contact Barclays Capital Inc. at (212) 528-7581 (collect) or (800) 438-3242 (toll-free), or J.P. Morgan Securities Inc. at (212) 834-5658 (collect). Holders or beneficial owners of Notes may request electronic copies of the Offer to Purchase and Letter of Transmittal from Global Bondholder Services Corporation at (866) 873-7700.

Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, Target Corporation operates a credit card segment that offers branded proprietary and Visa credit card products. Target Corporation currently operates 1,740 Target stores in 49 states. Target Corporation news releases are available at www.target.com.

SOURCE: Target Corporation

Target Corporation
Investors:
John Hulbert, 612-761-6627
or
Media:
Eric Hausman, 612-761-2054