By Andrea Heisinger
New York, June 2 - Tanger Properties LP sold an upsized $300 million in 6.125% 10-year senior unsecured notes on Wednesday to yield 287.5 basis points over Treasuries, a source close to the sale said.
The size increased slightly from an original $250 million. The notes were priced at the tight end of guidance in the range of 287.5 bps to 300 bps, the source said.
The notes (Baa2/BBB/) sold at 99.31 to yield 6.219%. They have a make-whole call at Treasuries plus 45 bps.
Bookrunners were Bank of America Merrill Lynch and Wells Fargo Securities, with BB&T Capital Markets as co-manager.
Proceeds are being used to repay existing debt and to pay costs to terminate interest rate swap agreements associated with an unsecured term loan. The remainder will be used for general corporate purposes.
The outlet center real estate investment trust is based in Greensboro, N.C.
| Issuer: | Tanger Properties LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | June 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Wells Fargo Securities
|
| Co-manager: | BB&T Capital Markets
|
| Coupon: | 6.125%
|
| Price: | 99.31
|
| Yield: | 6.219%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | June 2
|
| Settlement date: | June 7
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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