Tanger Signs Commitment With Wells Fargo Bank for $150 Million Senior Unsecured Bridge Facility

Tanger Factory Outlet Centers SKT announced today that it has executed a commitment letter for a $150 million senior unsecured bridge facility with Wells Fargo Bank, National Association. The facility 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 the Tanger's current long-term debt rating. Pending the preparation and execution of loan documentation and other customary closing conditions, Tanger may advance under the facility through August 1, 2011, with maturity ninety days after funding. At its discretion, the company has three ninety day extension options. The terms of the bridge facility will be substantially the same as the company's lines of credit. "We are pleased to announce this cost-effective interim facility," commented Steven B. Tanger, President and Chief Executive Officer. "Wells Fargo's commitment will allow us flexibility in funding previously announced acquisition projects, while preserving capacity under our lines of credit."