New Issue: Tanger Properties prices $250 million 3.75% 10-year notes at Treasuries plus 145 bps

By Aleesia Forni

Virginia Beach, Nov. 12 – Tanger Properties LP priced $250 million of 3.75% senior notes (Baa1/BBB+/) due 2024 at Treasuries plus 145 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.

The notes sold at the tight end of price talk, which had firmed around 10 bps compared to guidance.

Pricing was at 99.429 to yield 3.819%.

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

The company plans to use the net proceeds from the offering to redeem its $250 million 6.15% senior notes due November 2015.

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, 2024
Bookrunners:	BofA Merrill Lynch, Jefferies & Co., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities
Co-managers:	BB&T Capital Markets, RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc.
Coupon:	3.75%
Price:	99.429
Yield:	3.819%
Spread:	Treasuries plus 145 bps
Trade date:	Nov. 12
Settlement date:	Nov. 21
Ratings:	Moody’s: Baa1
	Standard & Poor's: BBB+
Price talk:	Treasuries plus 150 bps area, tightened from Treasuries plus 160 bps area
Make-whole call:	Treasuries plus 25 bps prior to Sept. 1, 2024, then callable at par

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