The notes were priced at 98.360% of the principal amount to yield 4.076% to maturity. The notes will pay interest semi-annually at a rate of 3.875% per annum and mature on December 1, 2023.
The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $243.5 million. Tanger intends to use the net proceeds from the sale of the notes to repay borrowings under its unsecured lines of credit.
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc., is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers in 26 states coast to coast and in Canada, totaling approximately 13.3 million square feet leased to over 2,800 stores operated by more than 470 different brand name companies. More than 180 million shoppers visit Tanger Factory Outlet Centers, Inc. annually.
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