Tanger Announces the Amendment & Extension of its $520 Million Unsecured Lines of Credit to July 2025
Tanger Factory Outlet Centers (NYSE:SKT) announced the amendment and extension of its unsecured lines of credit, enhancing its financial flexibility. The maturity date has been pushed from October 2021 to July 2025, with an option for a one-year extension. The borrowing capacity is set at $520 million, with potential to increase to $1.22 billion with lender approval. Importantly, all financial covenants and pricing grids remain stable, and the agreement now includes sustainability metrics aimed at reducing interest rates as sustainability certifications improve.
- Extended maturity of credit lines to July 2025, enhancing liquidity.
- Maintained borrowing capacity of $520 million, with potential to increase to $1.22 billion.
- Stability in financial covenants and pricing grid reflects solid financial health.
- Incorporation of sustainability metrics may reduce interest rates over time.
- None.
GREENSBORO, N.C., July 14, 2021 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT), a leading operator of upscale open-air outlet centers, today announced that its operating partnership, Tanger Properties Limited Partnership, has amended and extended its unsecured lines of credit.
Key elements of the amendments are as follows:
- Maturity extended by nearly four years from October 2021 to July 2025, and may be extended by one additional year by exercising two six-month extension options
- Borrowing capacity of
$520 million , with accordion feature to increase total borrowing capacity to$1.22 billion , subject to lender approval - All financial covenant thresholds were maintained
- Ratings-based pricing grid was maintained
- Incorporated a sustainability metric, reducing the applicable grid-based interest rate spread by one basis point annually, subject to the percentage of LEED® or ENERGY STAR® certified square footage improving by certain minimum thresholds
BofA Securities, Inc.; Wells Fargo Securities, LLC; U.S. Bank National Association; and Truist Securities, Inc. served as joint bookrunners and joint lead arrangers, with Wells Fargo Bank, National Association; U.S. Bank National Association; and Truist Securities, Inc. serving as syndication agents. Regions Bank and TD Bank, N.A. served as managing agents and BofA Securities served as sustainability agent. The Bank of Nova Scotia was also a Lender in the facility.
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns, or has an ownership interest in, a portfolio of 36 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.6 million square feet, leased to over 2,500 stores operated by more than 500 different brand name companies. The Company has more than 40 years of experience in the outlet industry and is a publicly-traded REIT. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the Company's website at www.tangeroutlets.com.
Investor Contact Information | |
Cyndi Holt | Jim Williams |
SVP, Finance & Investor Relations | EVP, CFO & Treasurer |
336-834-6892 | 336-834-6800 |
Media Contact Information | |
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SOURCE Tanger Factory Outlet Centers, Inc.
FAQ
What is the significance of Tanger's credit line extension announced on July 14, 2021?
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