Tanger Properties draws down $479.8 million under credit agreement

By Sarah Lizee

Olympia, Wash., March 31 – Tanger Properties LP drew $479.8 million under its credit agreement on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

Following previous drawdowns in March, the new draw brings the outstanding amount to $599.8 million.

Based on current ratings, interest is Libor plus 100 basis points.

The company said it made the draw to increase liquidity, preserve financial flexibility and assist in meeting obligations for a sustained period of time until there is more clarity regarding the impact of the Covid-19 pandemic.

Bank of America, NA is the administrative agent.

The credit agreement matures October 2021 and has a one-year extension option.

Tanger Factory Outlet is a publicly traded REIT based in Greensboro, N.C.

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