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Tanger Factory Outlets offers notes to repay debt

tanger-outlets.gifTanger Factory Outlet Centers Inc. said Wednesday that its operating partnership would offer senior notes to pay off debt and terminate two interest rate swaps.

Tanger is a real estate investment trust with 31 outlet malls in 21 states.

The senior notes, due in 2020, will be issued by Tanger Properties Limited Partnership.

The company didn't disclose the amount it hoped to raise but said it expected to use the proceeds to repay some of its $235 million unsecured term loan that's due in June 2011 and to terminate two interest rate swaps associated with that loan and repay borrowings under its unsecured lines of credit. Any remaining cash from the deal would become general working capital.

Banc of America Securities LLC, Wells Fargo Securities LLC and BB&T Capital Markets will be joint book-running managers.

Tanger is headquartered in Greensboro, N.C.

Tanger shares slipped 31 cents to $40.81 in afternoon trading Wednesday.

Source: Business Week
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