We advised the initial purchasers on the offering

Davis Polk acted as special product counsel to the representative of the initial purchasers in connection with a Rule 144A offering by Tanger Properties Limited Partnership, the operating partnership of Tanger Inc., of an aggregate principal amount of $250 million of its 2.375% exchangeable senior notes due 2031, which included $30 million aggregate principal amount of notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. The notes are fully and unconditionally guaranteed by Tanger Inc. In addition, Davis Polk advised the counterparties to the capped call transactions entered into by Tanger Inc. in connection with the offering.

Tanger Inc. is a leading owner and operator of outlet and open-air retail shopping destinations, with over 44 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and three open-air lifestyle centers includes more than 16 million square feet well-positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers, with over 2,600 stores operated by more than 750 different brand-name companies.

The Davis Polk equity derivatives team included partner Mark M. Mendez, counsel Joseph Luizzi and associates Alexander S. Pettingell and Melissa X. Estrada. The tax team included partner Aliza Slansky and associate Yueyu Yang. All members of the Davis Polk team are based in the New York office.

Copy link to share post