Tanger Factory Outlet Centers Announces Offering of Exchangeable Notes
GREENSBORO, N.C., Aug. 9 -- Tanger Factory
Outlet Centers, Inc. (NYSE: SKT), announced today that its subsidiary,
Tanger Properties Limited Partnership (TPLP), intends to make a public
offering of $100 million principal amount of exchangeable senior notes due
2026. As part of the offering, TPLP expects to grant the underwriters an
overallotment option to buy up to an additional $15 million principal
amount of notes.
The notes will be senior unsecured obligations of TPLP, will be
guaranteed on a senior unsecured basis by Tanger Factory Outlet Centers,
Inc., and will be exchangeable subject to various conditions into a
combination of cash and at TPLP's option cash and Tanger Factory Outlet
Centers, Inc. common shares. TPLP expects to use the net proceeds from the
sale of the notes to repay the outstanding balances under its revolving
credit facilities and certain other indebtedness, to make additional
investments and for general corporate purposes.
Citigroup Global Markets Inc. and Banc of America Securities LLC are
the joint bookrunning managers for the proposed offering.
The exact timing and terms of the offering will depend on market
conditions and other factors.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction. When available, copies of the prospectus and the prospectus
supplement, subject to completion, relating to these securities may be
obtained from Citigroup Global Markets Inc. and from Banc of America
Securities LLC. You should direct any requests to Citigroup Global Markets
Inc., 388 Greenwich Street, New York, New York 10013, by phone:
718-765-6732 or by Fax: 718-765-6734, and/or to Banc of America Securities
LLC, Capital Markets Operations, 100 West 33rd Street, New York, New York
10001. You may also get a copy of the prospectus and the prospectus
supplement, subject to completion, and other documents the company and TPLP
have filed with the Securities and Exchange Commission for free by visiting
the Commission's web site at http://www.sec.gov.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a fully integrated,
self- administered and self-managed publicly traded real estate investment
trust, presently owns 29 factory outlet centers in 21 states coast to
coast, totaling approximately 8.0 million square feet of gross leasable
area. The company also manages for a fee and owns a 50% interest in one
center containing approximately 402,000 square feet and manages for a fee
three centers totaling approximately 293,000 square feet. For more
information on Tanger Factory Outlet Centers, Inc., visit our web site at
http://www.tangeroutlet.com.
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. Statements which are predictions of, or
indicate future events and trends and which do not relate solely to
historical matters, including information concerning the Company's possible
use of proceeds of the common shares sold in the offering, are
forward-looking statements within the meaning of the federal securities
laws. These forward-looking statements are subject to risks and
uncertainties. Actual results could differ materially from those projected
due to various factors including, but not limited to, the risks associated
with general economic and local real estate conditions, the availability
and cost of capital, our ability to lease our properties, our inability to
collect rent due to the bankruptcy or insolvency of tenants or otherwise,
and competition. For a more detailed discussion of the factors that affect
our operating results, interested parties should review the Tanger Factory
Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended
December 31, 2005.
