Tanger Properties lifts revolver to $600 million, extends to 2028

By Mary-Katherine Stinson

Lexington, Ky., April 15 – Tanger Properties LP on April 12 amended its restated revolving credit agreement with Bank of America, NA as administrative agent to provide for a $600 million revolver with a maturity date of April 12, 2028, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the facility size was $500 million, and the maturity date was July 14, 2025.

There is an accordion feature to increase total borrowing capacity to $1.2 billion.

The company has an option to push the maturity out by an additional year.

Pricing was also adjusted, reducing the appliable pricing margin to adjusted SOFR plus 85 basis points from adjusted SOFR plus 100 bps based on the company’s current credit rating.

Concurrently with the amended revolving agreement, the operating partnership also closed on a fifth amendment to its amended and restated liquidity credit agreement, which carries the same revised maturity date, extension options and pricing grid as the revolver, with capacity remaining at $20 million.

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

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

Bank of America, NA is the administrative agent for the liquidity credit agreement.

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

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