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Tanger Outlets closes on $235 million term loan

By Associated Press
June 11, 2008 | Comments (0)

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Outlet-center operator Tanger Factory Outlet Centers Inc. said Wednesday it closed on a $235 million unsecured three-year term loan.

Proceeds will be used to repay the company's only remaining mortgage loan, with a principal balance of $170.7 million. It is expected to be repaid this month.

Remaining proceeds will be used to repay unsecured lines of credit and settle interest-rate lock protection agreements.

The loan was arranged by Banc of America Securities and Wells Fargo Bank, with Bank of America the administrative agent and Wells Fargo the syndication agent.

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