Capacity Increased by $100 Million to $620
Million
Maturity Extended to April 2029 including Extension Options
Pricing Grid Improved
GREENSBORO, N.C, April 15, 2024 /PRNewswire/ -- Tanger Inc.
(NYSE:SKT), a leading owner and operator of outlet and open-air
retail shopping destinations, today announced that its operating
partnership, Tanger Properties Limited Partnership, has amended and
extended its unsecured lines of credit.
"We appreciate the continued strong support from our lender
group," commented Stephen Yalof,
President and Chief Executive Officer. "With the strength of
Tanger's balance sheet and operating platform, the company is well
positioned to continue to execute on our long-term growth
strategies and unlock additional value for all of our
stakeholders."
"Following the addition of three new centers in 2023, this
amendment increases Tanger's liquidity, reduces interest expense
and extends our maturity, enhancing flexibility to pursue our
growth initiatives while maintaining a strong credit profile,"
added Michael Bilerman, Executive
Vice President, Chief Financial Officer and Chief Investment
Officer.
Key elements of the amendments are as follows:
- Extended maturity to April 2028,
with options to extend for an additional year to April 2029
- Borrowing capacity increased to $620
million from $520 million,
with accordion feature to increase total borrowing capacity to
$1.2 billion, subject to lender
approval
- Revised ratings-based pricing grid, including a reduction of 15
basis points at Tanger's current level
- All financial covenant thresholds were maintained
BofA Securities, Inc.; Wells Fargo Securities, LLC; Truist
Securities, Inc.; TD Bank, N.A. and U.S. Bank National Association
serve as Joint Bookrunners and Joint Lead Arrangers. Regions
Bank serves as Documentation Agent. The Bank of Nova Scotia and First Citizens Bank &
Trust also participate in the facility.
About Tanger®
Tanger Inc. (NYSE: SKT) is a leading owner and operator of
outlet and open-air retail shopping destinations, with over 43
years of expertise in the retail and outlet shopping industries.
Tanger's portfolio of 38 outlet centers, one adjacent managed
center and one open-air lifestyle center comprises over 15 million
square feet well positioned across tourist destinations and vibrant
markets in 20 U.S. states and Canada. A publicly traded REIT since 1993,
Tanger continues to innovate the retail experience for its shoppers
with over 3,000 stores operated by more than 700 different brand
name companies. For more information on Tanger, call 1-800-4TANGER
or visit the Company's website at www.tanger.com.
Forward-Looking Statements
Certain statements made in this press release contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies,
beliefs and expectations, are generally identifiable by use of the
words "anticipate," "believe," "can," "continue," "could,"
"designed," "estimate," "expect," "forecast," "goal," "intend,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "target," "will," "would," or similar
expressions, and include the Company's expectations regarding
future financial results and assumptions underlying that guidance,
long-term growth, uses of and efforts to reduce costs of capital,
liquidity, and cash flows.
You should exercise caution in relying on forward-looking
statements since they involve known and unknown risks,
uncertainties and other important factors which are, in some cases,
beyond our control and which could materially affect our actual
results, performance or achievements. Other important factors which
may cause actual results to differ materially from current
expectations include, but are not limited to, the important factors
set forth under Item 1A - "Risk Factors" in the Company's and the
Operating Partnership's most recently filed Annual Report on Form
10-K, as may be updated or supplemented in the Company's Quarterly
Reports on Form 10-Q and the Company's other filings with the
Securities and Exchange Commission ("SEC"). Accordingly, there is
no assurance that the Company's expectations will be realized. The
Company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the Company makes or related subjects in the Company's
Current Reports on Form 8-K that the Company files with the
SEC.
Investor Contact Information
Doug McDonald
SVP, Treasurer and Investments
T: (336) 856-6066
TangerIR@tanger.com
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SOURCE Tanger