Tanger to call $300 million 6 1/8% notes due 2020 with new deal funds

By Susanna Moon

Chicago, June 28 – Tanger Properties LP plans to issue a make-whole call for its $300 million of 6 1/8% senior notes due 2020 using proceeds of a new issue of notes due 2027.

Assuming a redemption date of Aug. 2, the redemption premium is expected to be about $34.4 million excluding accrued interest, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are callable at a price equal to the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date at a comparable Treasury rate plus a spread of 45 basis points, plus accrued interest up to but excluding the redemption date.

The outlet center real estate investment trust is based in Greensboro, N.C.

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