By Cristal Cody
Tupelo, Miss., June 28 – Tanger Properties LP sold $300 million of 3.875% 10-year senior notes (Baa1/BBB+) on Wednesday at 99.579 to yield 3.926%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 170 basis points, on the tight side of guidance that had been set in the Treasuries plus 175 bps area, plus or minus 5 bps.
The bookrunners were Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used to redeem all of the company’s outstanding 6.125% senior notes due 2020.
The outlet center real estate investment trust is based in Greensboro, N.C.
| Issuer: | Tanger Properties LP
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| Amount: | $300 million
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| Description: | Senior notes
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| Maturity: | July 15, 2027
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| Bookrunners: | Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
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| Co-managers: | BB&T Capital Markets, PNC Capital Markets LLC, Regions Securities LLC and Scotia Capital (USA) Inc.
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| Coupon: | 3.875%
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| Price: | 99.579
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| Yield: | 3.926%
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| Spread: | Treasuries plus 170 bps
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| Call features: | Make-whole call before April 15, 2027 at Treasuries plus 30 bps; thereafter at par
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| Trade date: | June 28
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| Settlement date: | July 3
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 175 bps area, plus or minus 5 bps
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