Tanger Inc. (NYSE: SKT) completed a $200 million issuance of exchangeable senior notes due January 15, 2031, and secured $550 million in new unsecured term loan facilities—$350 million maturing December 2030 and $200 million maturing January 2033. The notes are fully guaranteed by the operating partnership and can be exchanged for cash, shares, or a combination at the partnership’s discretion.
Proceeds from the notes and term loans are earmarked for a mix of liquidity and debt‑management activities. Tanger will use $75 million to reduce borrowings under existing credit lines, $20 million for capped call transactions and share repurchases, and $350 million to retire senior notes due September 2026. The remaining funds will support working capital needs and future capital expenditures.
The financing extends the company’s debt maturity profile and bolsters liquidity, positioning Tanger to pursue acquisitions and development projects in its expanding lifestyle and mixed‑use portfolio. By maintaining a conservative leverage ratio—reported at 0.30 against total debt of roughly $1.7 billion—the company signals confidence that it can sustain growth while keeping debt costs manageable.
Michael Bilerman, CFO and Chief Investment Officer, said the amendment to the existing term loan and the addition of the 2033 facility “improves our liquidity, provides additional flexibility, and further strengthens Tanger’s balance sheet as part of our commitment to deliver long‑term growth for stakeholders.”
With a market capitalization of about $4.08 billion and a $620 million revolving credit facility in place, Tanger’s new financing strengthens its credit profile and supports its strategy to diversify beyond traditional outlet centers. The move is expected to give the company the financial flexibility needed to capitalize on attractive acquisition targets and to invest in high‑return development projects while keeping leverage in check.
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