Tanger begins exchange offer for $149.5 million 3.75% exchangeables

By Susanna Moon

Chicago, April 9 - Tanger Factory Outlet Centers, Inc. said that Tanger Properties LP began an offer to exchange the company's common shares for any and all of the outstanding 3.75% exchangeable senior notes due 2026.

For each $1,000 principal amount of exchangeable notes tendered, noteholders will receive 27.7434 common shares, which represents an exchange price of $36.04 per share, plus $215 paid in the form of additional common shares. The shares issued will be based on the volume-weighted average price of common shares over an eight trading day averaging period beginning April 24 and ending May 5.

Holders also will receive accrued interest to the settlement date in cash.

The offer is scheduled to expire at 5 p.m. ET on May 7.

As of April 8, there was $149.5 million principal amount of exchangeable notes outstanding.

Global Bondholder Services Corp. (866 470-4300) is the information agent. Goldman, Sachs & Co. (800 828-3182) is the lead dealer manager. Merrill Lynch & Co. is the co-dealer manager.

Tanger is a Greensboro, N.C.-based real estate investment trust that owns and operates outlet centers.

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