Tanger FactoryOutlet Centers Inc.'s operating partnership priced an underwrittenpublic offering of an additional $100 million of its 3.125% senior notes due2026 for estimated net proceeds of roughly $97.8 million.
The new notes, being offered by Tanger Properties LP, werepriced at 98.962% of the principal amount to yield 3.248% to maturity.
The notes will constitute an additional issuance of, andform a single series with, the $250 million of 3.125% senior notes due 2026issued by the company inAugust.
Net proceeds will be used to repay borrowings under thecompany's unsecured lines of credit and for general corporate purposes.
Upon the completion of the additional notes offering, thetotal principal amount outstanding of the 3.125% senior notes due 2026 willcome to $350 million. All outstanding notes will pay interest semiannually at arate of 3.125% per annum and mature Sept. 1, 2026.
The offering is expected to close Oct. 13.
BofA Merrill Lynch, US Bancorp, Jefferies, SunTrust RobinsonHumphrey and Wells Fargo Securities are the joint book-running managers.