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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The table tracks debt and cash balances, incorporating proceeds from credit card receivables and annual debt paydowns.",
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      "text": "The Transaction allows for meaningful debt paydown by 2011E of $7.8bn. Of this amount, $4.4bn comes from selling the remaining 53% interest in credit card receivables and $3.2bn from free cash flow after operating and investing activities",
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      "text": "(1) Assumes a minimum cash balance of 1% of sales",
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      "text": "Target Corp: Bondholders' Perspective",
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