Tanger has closed $550 million of unsecured term loans, increasing its total capacity by $225 million. The loans have extended debt maturities, improved pricing, and expanded the lending group.
The term loan capacity includes a $350 million loan due December 2030 and a $200 million loan due January 2033. $400 million was drawn at closing, with an additional $150 million available under a delayed draw feature.
Initial proceeds of $75 million will be used to reduce borrowings under the company's $620 million unsecured lines of credit and for working capital purposes.
Increased Liquidity
The term loans increased Tanger's liquidity by $225 million, providing the company with more financial flexibility.
Debt Maturity Extension
The loans include maturities in December 2030 and January 2033, allowing Tanger to manage its debt obligations effectively.
Improved Pricing
Tanger secured favorable pricing terms on the loans, enhancing the cost efficiency of its financing activities.
- The closing of the unsecured term loans strengthens Tanger's balance sheet, positioning the company for long-term growth and enhanced financial stability.
- The extension of debt maturities and improved pricing contribute to Tanger's ability to navigate potential market fluctuations and funding challenges.
The successful closing of the $550 million unsecured term loans reflects Tanger's strategic financial management and commitment to optimizing its capital structure. The company's enhanced liquidity and strengthened balance sheet set a solid foundation for future growth and value creation.