Tanger (SKT) said Tuesday its operating partnership Tanger Properties plans to offer $200 million of exchangeable senior notes due 2031 in a private placement, subject to market conditions.

Initial buyers of the notes will be given an option to buy up to an additional $30 million of notes, the company said.

The interest rate, exchange rate and other terms will be decided at the time of pricing, Tanger said.

Separately, Tanger said Tuesday that Tanger Properties has closed on $550 million of unsecured term loans, increasing Tanger Properties' term loan capacity by $225 million.

The $550 million term loans comprise a $350 million loan due December 2030 and a $200 million loan due January 2033, the company said, adding it drew $400 million at closing and has $150 million under a delayed draw feature.