Tanger to partially repay unsecured lines of credit via note offering

By Tali Rackner

Norfolk, Va., Oct. 5 – Tanger Properties LP plans to repay a portion of its unsecured lines of credit with the proceeds from a 3.125% senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

The company said it maintains unsecured lines of credit that provide for borrowings of up to $520 million and mature in October 2019. As of Sept. 30, a total of $196 million was outstanding.

Proceeds will also be used for general corporate purposes.

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

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