Printer Friendly

TANGER COMPLETES SUCCESSFUL INITIAL OFFERING; FIRST SHARES TRADE ON NYSE

 NEW YORK, June 2 /PRNewswire/ -- Greensboro, N.C. based Tanger Factory Outlet Centers, Inc. (NYSE: SKT), has successfully completed an initial public stock offering of 4.1 million shares priced at $22.50 per share. The offering makes Tanger the first outlet-center-only real estate investment trust on the New York Stock Exchange and the first North Carolina based company to list in 1993. The offering was oversubscribed by more than six to one. Managing underwriter for the transaction was Merrill Lynch & Co. First shares traded at $23 5/8; shares closed Friday at $25.00, up $1 3/8 from the opening trade. Tanger joins eight other Greensboro firms who are listed on the Big Board.
 "Today is such a proud moment for my family, our tenants, and all of our employees who are really the ones who made this possible," said Stanley K. Tanger, chairman, president and CEO of the self-administered and self-managed REIT. Standing on the floor of the Exchange he added, "I am particularly gratified by the trust that our shareholders have placed in us. It's quite an honor."
 The REIT is an outgrowth of Stanley K. Tanger & Company, formed in 1981, and will continue the factory outlet business founded by Stanley Tanger and his son, Steven B. Tanger. Proceeds from the offering will be used to repay a significant portion of the company's outstanding debt and to fund the continued expansion and development of the company's real estate portfolio.
 The Trust and its affiliates operate a portfolio of 17 factory outlet shopping centers in 15 states. The total number of properties is expected to reach 20 by year end, with an aggregate total of more than two million square feet. The firm is based in Greensboro, N.C.
 "As the leading developer in the factory outlet industry, and with an even stronger balance sheet from this transaction, we feel that the opportunities for further growth are outstanding," said Steven Tanger, executive vice president of the Trust. "The outlet segment of retailing has grown remarkably in the last few years. We view this offering's success as a sign of respect for the entire industry."
 The Trust's Prospectus states that the company plans to make quarterly distributions beginning in the amount of $1.68 per year. The first distribution is expected for the quarter ending June 30, 1993 and will reflect earnings for the one month preceding. Regular distributions will begin with the quarter ending Sept. 30, 1993.
 TANGER FACTORY OUTLETS CENTERS
 Boaz, Alabama Branch, Minnesota
 Casa Grande, Arizona North Conway, New Hampshire
 Commerce, Georgia Stroud, Oklahoma
 Williamsburg, Iowa Pigeon Forge, Tennessee
 Gonzales, Louisiana San Marcos, Texas
 Kittery, Maine (3) Martinsburg, W.Va.
 Bourne, Massachusetts
 West Branch, Michigan
 -0- 6/2/93
 /CONTACT: Colin Coyne or Janet Grady, Tanger Factory Outlet Centers, Inc., 919-274-1666/
 (SKT)


CO: Tanger Factory Outlet Centers, Inc. ST: North Carolina IN: REA SU: OFR

SB -- CH011 -- 4267 06/02/93 07:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 2, 1993
Words:489
Previous Article:PROTEIN DESIGN LABS ANTIBODIES GRANTED ORPHAN DRUG STATUS
Next Article:ELECTRIC VEHICLES CONVERGE ON DEARBORN FOR NATIONAL COMPETITION
Topics:


Related Articles
TANGER COMPLETES SUCCESSFUL INITIAL OFFERING; FIRST SHARES TRADE ON NYSE
TANGER COMPLETES SUCCESSFUL INITIAL OFFERING; FIRST SHARES TRADE ON NYSE
TANGER ADDS TWO NEW FACTORY OUTLET CENTERS TO ITS PORTFOLIO -- DOUBLES 1991 TOTAL SQUARE FOOTAGE --
TANGER FACTORY OUTLET CENTERS, INC. DECLARES CASH DIVIDEND
TANGER FACTORY OUTLET CENTERS, INC.
TANGER CONTINUES STRONG GROWTH TRENDBreaks Ground for New Designer Outlet Center in Locust Grove, GA
TANGER FACTORY OUTLET CENTER CELEBRATES GRAND OPENING
TANGER FACTORY OUTLET CENTERS, INC. REPORTS 62% INCREASE IN FUNDS FROM OPERATIONS FOR THE THIRD QUARTER OF 1994
TANGER HIRES TWO NEW EXECUTIVES IN MARKETING DEPARTMENT
Tanger Completes Sale Of Manchester Property

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters