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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "The slide details a specific financial restructuring plan involving asset divestiture and debt repayment.",
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      "kind": "callout",
      "text": "Step 4: Pay down ~$9bn of Target debt using all of the credit card proceeds, a portion of the IPO proceeds, and free cash flow",
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      "kind": "callout",
      "text": "Step 3: Sale of the remaining 53% interest in Target's Credit Card Receivables",
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      "kind": "callout",
      "text": "Pay down ~$9bn of Target debt using all of the credit card proceeds, a portion of the IPO proceeds, and free cash flow",
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      "text": "At an opportune time (either pre- or post-IPO), Target sells remaining 53% interest in its credit card receivables. For this analysis, we have assumed $4.4bn of proceeds from the sale",
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      "text": "Debt Paydown: $9.2bn",
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      "kind": "paragraph",
      "text": "$1.6bn of cash proceeds from the IPO is left on TIP REIT's balance sheet",
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      "text": "(1) Assumes TIP REIT funds land development capital expenditures of approximately $0.9bn post-IPO using debt",
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      "text": "Paydown using Proceeds from Credit Card Sale: Securitized Debt $1.9, Unsecured Debt $2.5, Total $4.4; Paydown using IPO Proceeds $3.0; Paydown using Free Cash Flow $1.8; Total Debt Paydown $9.2",
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      "text": "Gross Receivables CY 2008E $9.0; Allowance (0.8); Net Receivables CY 2008E $8.2; 53% Interest at Net Book Value $4.4",
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      "text": "Post IPO: Pay Down ~$9bn of Debt",
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