Tanger Announces 50% Increase in Unsecured Credit Facilities to $300 Million

GREENSBORO, N.C., Jan. 15 /PRNewswire-FirstCall/ -- Tanger Factory Outlet
Centers, Inc. (NYSE: SKT), today announced it has closed on a $100 million
expansion to its existing unsecured lines of credit. The company has also
received commitments for an additional $25 million, which once closed, will
bring its total credit facilities to $325 million. The terms are identical to
those included within the existing credit facilities.
Tanger's interest rate currently ranges from LIBOR plus 75 basis point to
LIBOR plus 85 basis points under its various credit facilities which contain
maturity dates on or about June 30, 2011. Tanger currently maintains credit
facilities with the following banks (amounts shown include the additional $25
million in commitments): Bank of America ($100 million), Wells Fargo Bank
($100 million), Sun Trust Bank ($40 million), Branch Bank & Trust Company ($35
million), Citicorp North America ($25 million) and Wachovia Bank ($25
million).
Stanley K. Tanger, Chairman of the Board and Chief Executive Officer
stated, "We are very pleased that our banks are providing us with this
additional liquidity, which will be beneficial in funding our development
pipeline as well as helping with our upcoming debt maturities."
On February 15, 2008, the company's $100 million unsecured senior notes,
with a 9 1/8% coupon rate, mature. Tanger currently expects to refinance
these notes in the short term with amounts available under its unsecured lines
of credit. On July 10, 2008 the company's only remaining secured mortgage
loan with a principal balance of $172.7 million and bearing interest at a rate
of 6.59% will become payable at Tanger's option. At that time, the company
can decide to repay the loan in full, or continue to make monthly payments on
the loan at a revised interest rate of 8.59%. Tanger can then repay the loan
in full at any time without penalty. The final maturity date on the loan is
July 10, 2028. Tanger is currently analyzing its options for refinancing this
mortgage.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a fully integrated,
self-administered and self-managed publicly traded REIT. The company
currently owns 29 centers in 21 states coast to coast, totaling approximately
8.4 million square feet of gross leasable area. Tanger also owns a 50%
interest in two center containing approximately 667,000 square feet. For
more information on Tanger Outlet Centers, visit our web site at
www.tangeroutlet.com.
This press release may contain 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, 2006 (and December 31, 2007,
when available).
SOURCE Tanger Factory Outlet Centers, Inc.

Frank C. Marchisello, Jr. of Tanger Factory Outlet Centers, Inc.,
1-336-834-6834