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Tanger Factory Outlet gains $130.6M from stock sale

Tanger Factory Outlet gains $130.6M from stock sale

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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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