New Issue: Tanger Properties sells $250 million 3.875% 10-year notes at Treasuries plus 140 bps

By Aleesia Forni

Virginia Beach, Va., Nov. 18 - Tanger Properties LP priced $250 million of 3.875% 10-year senior notes (Baa1/BBB+/) with a spread of Treasuries plus 140 basis points, according to a FWP filing with the Securities and Exchange Commission.

Pricing was at 98.36 to yield 4.076%.

Bookrunners were BofA Merrill Lynch, Jefferies & Co., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.

The company plans to use the net proceeds from the offering to repay outstanding borrowings under its unsecured lines of credit. Remaining proceeds will be used for general corporate purposes.

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

Issuer:	Tanger Properties LP
Amount:	$250 million
Description:	Senior notes
Maturity:	Dec. 1, 2023
Bookrunners:	BofA Merrill Lynch, Jefferies & Co., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Senior co-managers:	RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	BB&T Capital Markets, Regions Securities LLC, Scotia Capital (USA) Inc.
Coupon:	3.875%
Price:	98.36
Yield:	4.076%
Spread:	Treasuries plus 140 bps
Trade date:	Nov. 18
Settlement date:	Nov. 25
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB+
Make-whole call:	Treasuries plus 25 bps prior to Sept. 1, 2023, then callable at par

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