Tanger calls convertible preferreds

New York, May 2 - Tanger Factory Outlet Centers, Inc. called its series A cumulative convertible redeemable preferred shares.

The Greensboro, N.C. company will redeem the preferreds on June 20 at $25 plus accrued dividends.

The preferreds closed at $29.50 on May 1, Tanger noted.

Holders may convert their securities into stock at the rate of 0.901 common shares per preferred. Tanger stock closed at $32.01 on May 1.

Conversions must be carried out by 5.00 p.m. ET on June 17.

As of May 1 there were 801,897 preferred shares outstanding.

"We expect the holders of the preferred shares will take this opportunity to convert them to common shares with a conversion value that is currently greater than the $25 per preferred share redemption price. The conversion of preferred shares to common shares will substantially increase the number and liquidity of common shares in the market, and should improve our fixed charge coverage ratio," stated Stanley K. Tanger, chairman of the board and chief executive officer, in a news release.

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