Tanger announced the closing of $550 million of unsecured term loans, increasing total capacity by $225 million. This move is strategic as it bolsters the company's financial flexibility and positions it for growth opportunities.
The loans enhance liquidity, extend debt maturities, improve pricing, and expand the lending group. By securing these funds, Tanger is fortifying its financial foundation and preparing for future endeavors.
$400 million was drawn at closing, with $150 million available under a delayed draw feature. This structure allows Tanger to access additional capital when needed, providing a cushion for unforeseen circumstances.
Increased Capacity
The $225 million increase in term loan capacity, including $150 million available through delayed draws, signals Tanger's proactive approach to managing liquidity and capital needs.
Extended Maturities
By extending debt maturities to 2030 and 2033 alongside favorable pricing adjustments, Tanger is optimizing its capital structure for long-term stability and cost-effectiveness.
Expanded Lending Group
Tanger's expansion of its bank group underscores its commitment to diversifying financing sources and strengthening its relationships with key financial partners.
- The amendments and additions to the term loans and credit facilities represent a strategic move by Tanger to enhance liquidity, flexibility, and financial resilience.
- These changes not only bolster Tanger's balance sheet but also provide essential support for the company's ambitious long-term growth strategies and investments.
Tanger's proactive steps to secure $550 million of unsecured term loans demonstrate a clear strategic intent to fortify its financial standing and capitalize on future growth opportunities. By optimizing its capital structure and enhancing liquidity, Tanger is positioning itself for sustainable value creation and resilience in a dynamic market environment.