Company roundup

MERGERS AND ACQUISITIONS

Target Corp., Minneapolis, has completed the sale of its entire consumer credit card portfolio to TD Bank Group for $5.7 billion. As previously announced, the two companies have entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target credit card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance, and Target will continue to perform account servicing functions.

DEBT AND EQUITIES

Stream Global Services Inc., Eagan, a global business process outsourcing service provider has closed its offering of $30 million of 11.25 percent senior secured notes due 2014 at 102 percent plus accrued interest from Oct. 1, 2012. The notes were offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The terms of the notes are identical to the $200 million of notes issued in October 2009.

PERSONNEL

Target Corp., Minneapolis, said that Terry Scully, president of its financial and retail services, plans to retire in March 2014. Effective April 1, Scully will move into a strategic advisory role, ensuring a smooth transition for our financial services operations following the sale of Target's credit card portfolio to TD Bank Group. Scott Kennedy, vice president of pay and benefits, is being promoted to succeed Scully as president of Target financial and retail services.