Investment BankerSince January 31, 2004, Wal-Mart's investment banker is Moody's Investors Service. Wal-Mart plans to refinance its long-term debt with Mood's Investor Services and also with certain other investment banking services for other unmentioned corporate purposes. Wal-Mart also plans to pour in $3.3 billion and another $1.1 billion in commercial paper. By January 31, 2004, Wal-Mart had already established $5.1 billion in lines of credit from 77 different banking and investment sectors and used approximately $145 million in commercial paper production. During the same period, Wal-Mart had $6 billion in securities debt under an SEC-derived registration settlement. Wal-Mart sold $1.25 billion in bonds and maturities. The notes bear an interest of 4.1.25% and mature by February 2011. The total quantity of notes allowed to be sold amounts to 4 billion. The target bank is called Target National Bank. It is owned by the same Target Corporation and all credits go to Target has approximately $1,600 million worth of credit lines from twenty-five different banks, approximately half of the value of the line is drawn down and is due to be repaid by June 2005, with an extension until June 2006. The other half of the payment is due in June 2008. The expected long-term bond rate for October 31, 2004 was 8.5%. Operations For 2004, Wal-Mart earned $256 billion in revenue which from sales alone was $26 billion. The two main reasons for such success in ranking first in the retail store market are because Wal-Mart is globally affordable and so are the prices in the competitive market. Wal-Mart has three segments which are hypermarkets, discount stores, and Sam's Club stores, all spread across the United States, Canada, Mexico, Europe, Brazil, and Asia. One drawback was Sam's Club, as too many were opening around the world, decreasing the number of customers per location. Overall, despite the company's decline on Sam's Club sales, the companies did well with the numbers brought in and the terms. Target companies plan to expand converted retail stores into super retail stores. In 2004 Target added 65 new merchandise stores and eighteen new Target Superstores throughout the United States.