SKT - Tanger increases loan capacity by $25M extends maturity

• Tanger Factory Outlet Centers ( NYSE: SKT ) amended its $300M unsecured term loan , increasing its capacity to $325M, extending its maturity and reducing its pricing margin, the owner of open-air outlet centers said Monday.
• The loan's maturity is extended through January 2027, plus a one-year extension option. And its applicable pricing margin is changed to LIBOR + 125 basis points to adjusted SOFR + 120 bps based on Tanger's current credit rating.
• "This amendment improves our liquidity, leaves no unsecured debt maturities until 2026, and further strengthens Tanger's balance sheet as part of our commitment to deliver long-term growth for shareholders," said President and CEO Stephen Yalof.
• The company also said it recently refinanced secured mortgages at its Columbus, Ohio, and Southaven, Mississippi, (Memphis) properties, extending the maturity dates to October 2032 and October 2026 (plus a one-year extension option), respectively.
• As a result of these financing activities, the weighted average term to maturity of total outstanding debt, including extension options and Tanger's ( SKT ) pro rata share of unconsolidated joint ventures, was increased from 4.8 years to 5.9 years.
• In August, the REIT lifted the lower end of its 2022 core FFO guidance after Q2 results reflected accelerated leasing activity.

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