Tanger Properties downsizes revolver to $500 million, extends to 2025

By Wendy Van Sickle

Columbus, Ohio, July 14 – Tanger Properties LP amended and restated its credit agreement with Bank of America, NA as administrative agent on Tuesday to provide for a $500 million revolver with a maturity date of July 14, 2025, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the facility size was $580 million, and the maturity date was Oct. 29, 2021.

The company has two six-month extension options to push out the maturity by up to an additional year.

The accordion feature is now for an additional $700 million, up from $620 million

Pricing was not changed, except that the 0.25% Libor floor added in June 2020 was removed and a provision for interest to be decreased by 1 basis point a year if it meets some sustainability thresholds.

BofA Securities, Inc., Wells Fargo Securities, LLC, Truist Bank and U.S. Bank NA are the lead arrangers and bookrunners.

Wells Fargo Bank, NA, U.S. Bank and Truist are the syndication agents. Regions Bank and TD Bank are the managing agents. BofA is the sustainability agent.

Concurrently with the amended and restated credit agreement, the company amended its liquidity agreement with Bank of America, NA as agent, which provides for a $20 million line of credit to conform its maturity with the restated revolver.

Tanger Factory Outlet is a publicly traded REIT based in Greensboro, N.C.

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