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Target Corp., announced Monday it will sell a portion of its credit card receivables to J.P. Morgan Chase.
Price tag: $3.6 billion, for 47 percent of Target's outstanding receivables
Closing date: Before the end of May
FINE PRINT
• Target maintains control of its credit card operations, including customer service.
• Target and J.P. Morgan Chase share expected profits, with Chase's interest capped at 3.4 percent of the principal.
• Target agrees to a 7 percent purchase discount, citing a seasonal low in the receivables. Chase has option to increase its investment to $3.9 billion.
Source: Target Corp.Recent Business stories
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Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
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