Thursday, December 2, 2010

Tanger Outlets Closes on $385 Million Unsecured Revolving Credit Facility

GREENSBORO, N.C., Dec. 2, 2010 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT), today announced its operating partnership, Tanger Properties Limited Partnership, has entered into a $385 million unsecured revolving credit bank facility.

In addition to this syndicated facility, Tanger simultaneously entered into a $15 million standalone liquidity revolving credit facility with Bank of America, N.A., providing total revolving line capacity of $400 million. The liquidity facility's terms are substantially the same as the syndicated facility, including maturity date.

"This new syndicated facility has provided us the opportunity to reinforce our relationships with our long term banking partners and to initiate a number of new banking relationships," commented Steven B. Tanger, President and Chief Executive Officer. "With the additional standalone revolving credit facility, Tanger now has $400 million in line of credit capacity through late 2013. Coupled with the free cash flow generated by our operations, we believe that we are well positioned for future growth."

The syndicated facility replaces Tanger's previous $325 million in bilateral lines of credit that were scheduled to mature between June and August 2011, and, together with the standalone facility, represents an increase in line capacity of more than 20%. Through an accordion feature, the maximum borrowing capacity on the syndicated facility may be increased to up to $500 million in certain circumstances. The maturity date of the new facility is November 29, 2013, and the Company has an option to extend the facility for one year to November 29, 2014. At closing, the facilities bear interest at a spread over LIBOR of 190 basis points, based on the operating partnership's current long-term debt rating.

For the entire press release follow this LINK.

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