After two years on the sidelines, Dayton Hudson Receivables, now known as Target Corp., the owner of more than 1,200 department stores nationwide, may be an asset-backed player again in the foreseeable future.
Following a recent filing with the Securities & Exchange Commission, Sara Ross, the assistant treasurer of Target Corp., explained, "We used up our shelf capacity. We are getting back our shelf capacity because we will be issuing from time to time as we have in the past."
The filing described Class-A and Class-B notes, backed by credit-card receivables, with a senior/subordinate structure.
"In the past what we have issued is the A' tranches of credit cards," Ross said.
Dayton's last deal, worth approximately $523 million, priced in August 1998. The two-part transaction was managed by Salomon Smith Barney.
Ross says that they have not named an underwriter for any future deals.
Prior to this filing, the company has maintained a pattern of issuing approximately one deal every other year, with deals issued in 1995, 1997 and 1998.