Shopping center REIT Tanger gains after exchangeable offering hiked to $220 mln

Tanger's SKT.N shares up 1.3% at $34.35 on Thurs after real estate investment trust secures more capital than planned to refinance debt

Outlet and open-air shopping centers owner early Thurs announced pricing private offering of $220 mln 2.375% 5-yr exchangeable notes

Deal size hiked from $200 mln; initial exchange price of $41.55 is 22.5% premium to stock's last close of $33.92

Co intends to use net offering proceeds to help repay all outstanding debt under lines of credit, fully repay outstanding $350 mln principal amount of its 3.125% notes due 2026, remainder for general purposes, including potential repayment of other indebtedness

It also plans to use $8 mln of proceeds to pay cost of capped calls, and about $20 mln to repurchase 600,000 of its shares to facilitate hedging transactions

With the move on the session, SKT shares up about 4% over the past year

Avg rating among 12 analysts is "buy"; median PT $37, according to LSEG