By Sheri Kasprzak
New York, Aug. 31 - Tanger Factory Outlet Centers, Inc. said it plans to raise $81 million in a direct placement of stock.
The company intends to sell 3 million shares at $27.09 each.
The shares are being sold under Tanger's shelf registration.
Cohen & Steers Capital Management, Inc. is the placement agent.
Proceeds from the offering will be used to fund a portion of Tanger's $282.5 million acquisition of the remaining two-thirds interest in the Charter Oak portfolio - a grouping of nine factory outlet centers - currently owned by an affiliate of Blackstone Real Estate Advisors. Before the acquisition closes, Tanger plans to use the proceeds to repay variable-rate debt and invest in short-term investment-grade securities.
Greensboro, N.C.-based Tanger is a real estate investment trust that owns and operates a chain of retail outlet centers.
| Issuer: | Tanger Factory Outlet Centers, Inc.
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| Issue: | Stock
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| Amount: | $81 million
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| Shares: | 3 million
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| Price: | $27.09
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| Warrants: | No
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| Placement agent: | Cohen & Steers Capital Management, Inc.
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| Announcement date: | Aug. 31
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| Stock price: | $27.28 at close Aug. 30
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