Tanger Outlets Closes On $325 Million Unsecured Term Loan Facility

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a leading operator of upscale open-air outlet centers, today announced that its operating partnership, Tanger Properties Limited Partnership, has amended its $300 million unsecured term loan, increasing total capacity to $325 million, extending maturity through January 2027 (plus a one-year extension option), and reducing the applicable pricing margin from LIBOR plus 125 basis points to adjusted SOFR plus 120 basis points based on Tanger's current credit rating. The amendment also incorporates a sustainability metric, reducing the applicable grid-based interest rate spread by one basis point annually, subject to meeting certain thresholds.