Tanger Factory Outlet Centers Inc. said Wednesday that it has sold 6.9 million shares of common stock under its at-the-market equity offering program at an average price of $19.02 per share.
The program generated gross proceeds of $130.6 million.
With the proceeds, the company's liquidity exceeded $790 million, including $600 million of undrawn lines of credit and more than $190 million of cash.
Tanger said it paid down $25 million of borrowings under its $350 million unsecured term loan on March 11.
Tanger projects to take a $14.1 million charge, worth 14 cents a share, in the second quarter. It also projects a 12-cent net income impact on its 2021 net dilutive impact per share.
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