Tanger issues redemption notices for 2023, 2024 senior notes

Chicago, Aug. 10 – Tanger Properties LP issued redemption notices for two series of notes after successfully completing a recent offering of $400 million of 10-year senior notes, according to a press release.

The company is using the proceeds to redeem all of its $100 million outstanding 3.875% senior notes due 2023 and all $250 million of its 3.75% senior notes due 2024.

Both series will be redeemed with make-whole premiums, the combined estimate of which is approximately $32.4 million.

The 2023 notes are expected to be redeemed on Sept. 6 and the 2024 notes are expected to be redeemed on Sept. 9.

These transactions are expected to extend the weighted average term to maturity and reduce the weighted average effective interest rate for the company's consolidated debt to 6.1 years and 3% from 4.2 years and 3.3%, respectively, as of June 30.

The outlet center real estate investment trust is based in Greensboro, N.C.

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