Tanger and Wells Fargo Bank Close on $150 Million Senior Unsecured Bridge Loan

Company Release - 06/27/2011 16:05

GREENSBORO, N.C., June 27, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc.(NYSE:SKT) announced today that its operating partnership, Tanger Properties Limited Partnership, has closed on the $150 million senior unsecured bridge loan committed by Wells Fargo Bank, National Association on June 6, 2011. The loan may be used to fund the acquisition of properties and for general corporate purposes and will bear interest at a spread over LIBOR of 160 basis points, based on Tanger's current long-term debt rating.

This interim loan matures September 26, 2011, and at its discretion, the company may extend the maturity to June 22, 2012 by exercising each of its three ninety-day extension options. The remaining terms and conditions of the bridge loan will be substantially the same as the company's lines of credit.

"This attractively priced capital will optimize our flexibility in funding previously announced acquisition projects, while preserving capacity under our lines of credit," commented Steven B. Tanger, President and Chief Executive Officer.

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