Tanger issues $250M 2.375% exchangeable notes due 2031; repays $350M senior notes

TANGER PROPERTIES LTD PARTNERSHIP /NC/

Issued $250M aggregate principal of 2.375% exchangeable notes due Jan 15, 2031; net proceeds ~$243M after discounts and expenses.
Used ~$20M of net proceeds to repurchase 0.6M common shares at $33.92 per share in privately negotiated transactions.
Plans to use proceeds with term loans to repay $350M 3.125% senior notes due Sept 2026 and outstanding credit lines.
Notes initially exchangeable at 24.0662 shares per $1,000 principal (~$41.55/share, 22.5% premium); capped call at $47.4880 per share.
Capped call transactions cost $9M and reduce potential dilution upon exchange.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

TANGER PROPERTIES LTD PARTNERSHIP /NC/ incurred convertible notes of $250,000,000 aggregate principal amount with BofA Securities, Inc. at 2.375% per year, payable semi-annually in arrears on January 15 and July 15 maturing January 15, 2031.

Instrument: convertible notes
Principal: $250,000,000 aggregate principal amount
Counterparty: BofA Securities, Inc.
Rate: 2.375% per year, payable semi-annually in arrears on January 15 and July 15
Maturity: January 15, 2031
Event: incurrence

Exact text from the filing

On January 12, 2026, Tanger Properties Limited Partnership (the “Operating Partnership”), the operating partnership of Tanger Inc. (the “Company”), issued $250 million aggregate principal amount of its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), which included $30 million principal amount of Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers (as defined below) pursuant to the Purchase Agreement (as defined below).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TANGER PROPERTIES LTD PARTNERSHIP /NC/ entered into Purchase Agreement with BofA Securities, Inc. (the "Representative"), as representative of the several initial purchasers valued at $250 million (effective 2026-01-07).

Action: entry
Agreement: notes offering
Counterparty: BofA Securities, Inc. (the "Representative"), as representative of the several initial purchasers
Value: $250 million
Effective: 2026-01-07

Exact text from the filing

the Operating Partnership and the Company entered into a Purchase Agreement dated January 7, 2026 (the “Purchase Agreement”) with BofA Securities, Inc. (the "Representative"), as representative of the several initial purchasers named therein

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TANGER PROPERTIES LTD PARTNERSHIP /NC/ entered into Indenture with U.S. Bank Trust Company, National Association, as trustee valued at $250 million (effective 2026-01-12).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Value: $250 million
Effective: 2026-01-12

Exact text from the filing

The Notes and the Guarantee were issued pursuant to an indenture, dated as of January 12, 2026 (the “Indenture”), among the Operating Partnership, the Company and U.S. Bank Trust Company, National Association, as trustee

View on SEC.gov

306 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001628280-26-001812

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.