Tanger Announces the Amendment, Increase and Extension of its Unsecured Lines of Credit
Capacity Increased by
Maturity Extended to
Pricing Grid Improved
"We appreciate the continued strong support from our lender group," commented
"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
Key elements of the amendments are as follows:
- Extended maturity to
April 2028 , with options to extend for an additional year toApril 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
About Tanger®
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
Investor Contact Information
SVP, Treasurer and Investments
T: (336) 856-6066
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SOURCE Tanger