Tanger Prices $400 Million 2.75% Senior Notes Due 2031

GREENSBORO, N.C., Aug. 5, 2021 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a leading operator of upscale open-air outlet centers, announced today that its operating partnership, Tanger Properties Limited Partnership, has agreed to sell $400 million aggregate principal amount of 2.75% senior notes due 2031 in an underwritten public offering through Wells Fargo Securities, Truist Securities and US Bancorp as joint book-running managers. The notes were priced at 98.552% of the principal amount to yield 2.917% to maturity. The notes will pay interest semi-annually at a rate of 2.75% per annum and mature on September 1, 2031.

The estimated net proceeds from the offering, after deducting the underwriting discount and offering expenses, are expected to be approximately $390.3 million. Tanger intends to use the net proceeds from the sale of the notes to redeem all of its 3.875% senior notes due 2023, $100.0 million in aggregate principal amount outstanding, and all of its 3.75% senior notes due 2024, $250 million in aggregate principal amount outstanding and the remaining net proceeds, if any, for general corporate purposes. Both series of senior notes are currently redeemable at par plus a "make-whole" premium. This release does not constitute a notice of redemption for either series of notes, and as of the date hereof, no such notice of redemption has been issued for either series of notes. Closing of the sale of the notes is expected to occur on August 10, 2021, subject to the satisfaction of customary closing conditions.

The offering is being made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained by contacting:

• Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, email: [email protected], or by calling toll-free (800) 645-3751;
• Truist Securities, Inc., Attention: Prospectus Department, 303 Peachtree Street, Atlanta, GA 30308, email: [email protected], or by calling toll-free (800) 685-4786; or
• U.S. Bancorp Investments, Inc., 214 North Tryon Street, 26th floor, Charlotte, NC 28202, or by calling toll-free (877) 558-2607.

An effective shelf registration statement is on file with the Securities and Exchange Commission ("SEC"), and a copy of the prospectus and related prospectus supplement also will be available on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Tanger Factory Outlet Centers, Inc.

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns, or has an ownership interest in, a portfolio of 36 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.6 million square feet, leased to over 2,500 stores operated by more than 500 different brand name companies. The Company has more than 40 years of experience in the outlet industry and is a publicly-traded REIT.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties, and typically can be identified by the use of words such as "will," "expect," "estimate," "anticipate," "intend," "forecast," "plan," "believe" and similar terms. Although Tanger believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others: the expected impact of the novel coronavirus ("COVID-19") pandemic on Tanger's (the Company's) business, financial results and financial condition; Tanger's inability to develop new outlet centers or expand existing outlet centers successfully; risks related to the economic performance and market value of its outlet centers; the relative illiquidity of real property investments; impairment charges affecting its properties; Tanger's dispositions of assets may not achieve anticipated results; competition for the acquisition and development of outlet centers, and the Company's inability to complete outlet centers it has identified; environmental regulations affecting Tanger's business; risk associated with a possible terrorist activity or other acts or threats of violence and threats to public safety; the Company's dependence on rental income from real property; Tanger's dependence on the results of operations of its retailers; the fact certain of our lease agreements include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; the fact that certain of Tanger's properties are subject to ownership interests held by third parties, whose interests may conflict with the Company's interests; risks associated with climate change; risks related to uninsured losses; risks related to changes in consumer spending habits; risks associated with Tanger's Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risk associated with the Operating Partnership's guarantees of debt for, or other support it may provide to, joint venture properties; uncertainty relating to the phasing out of the London Interbank Offered Rate; the effectiveness of Tanger's interest rate hedging arrangements; Tanger's potential failure to qualify as a REIT; the Company's legal obligation to make distributions to its shareholders; legislative or regulatory actions that could adversely affect the Company's shareholders; Tanger's dependence on distributions from the Operating Partnership to meet Tanger's financial obligations, including dividends; the risk of a cyber-attack or an act of cyber-terrorism; and additional factors which may cause actual results to differ materially from current expectations including, but not limited to, those set forth in the section entitled "Business" in Tanger's Annual Report on Form 10-K for the year ended December 31, 2020, including the subheadings entitled "Recent Developments," "The Outlet Concept," "Our Outlet Centers," "Business Strategy," "Growth Strategy," "Operating Strategy," "Capital Strategy" and "Competition," and the section titled "Risk Factors" in Tanger's Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as of the date made. Except as required by law, Tanger undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Tanger Factory Outlet Centers, Inc.

Related Links

www.tangeroutlet.com