Tanger secures nearly $600M on credit line

Tanger Factory Outlet Centers Inc. said Tuesday it has withdrawn its fiscal 2020 guidance and secured nearly all of a $600 million unsecured line of credit in response to the COVID-19 pandemic.

The Greensboro corporation said most of the tenants in its centers have closed their stores, many for more than two weeks.

Operations in more than half of its outlet centers are restricted by order of the local and state authorities, and additional orders are expected.

The earnings guidance provided Jan. 27 had a diluted earnings range of 65 to 73 cents.

Tanger said it was acquiring “substantially all” of the $600 million line of credit “to increase liquidity, preserve financial flexibility and help ensure that the company is able to meet its obligations for a sustained period of time until there is more clarity regarding the impact of the pandemic.”

The company said it also has taken steps to reduce cash outflows, such as the reduction or deferral of certain operating and general and administrative expenses, as well as the deferral of the Nashville project and certain other planned capital expenditures.

Tanger “intends to pay” its first-quarter dividend as scheduled on May 15.

Richard Craver

UTC spinoffs Otis, Carrier to trade on S&P 500

United Technologies Corp.’s spinoffs Otis Worldwide and Carrier Global will both begin trading on the S&P 500 on Friday.

UTC said it will complete the spinoffs of both companies Friday, as well as its acquisition of Raytheon.

UTC will remain in the S&P 500 & 100 indices, but it is changing its name to Raytheon Technologies Corp. and its ticker symbol to RTX.

Macy’s Inc. will be removed from the S&P 500 on Monday, moving to the S&P SmallCap 600.

Otis will be added to the S&P 500 GICS Industrial Machinery Sub-Industry index. Carrier will be added to the S&P 500 GICS Building Products Sub-Industry index.

Richard Craver

High Point company furloughs workers

National Distribution Centers LLC of High Point is laying off 116 workers temporarily as part of closing its business at 4190 Eagle Hill Drive related to the coronavirus pandemic.

The company notified the N.C. Commerce Department with a WARN Act notice.

The layoffs were effective Monday.

Richard Craver

Bank OZK board declares 27-cent dividend

The board of directors for Bank OZK declared Tuesday a quarterly cash dividend of 27 cents per common share.

The dividend was increased by 1 cent from the previous quarter.

The dividend is payable April 20 to shareholders registered as of April 13.

Richard Craver

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