Tanger Factory Outlet Centers, Inc. (NYSE: SKT - News; the "Company") announced today that Tanger Properties Limited Partnership (the "OP") has commenced an offer to exchange common shares of the Company for any and all of the outstanding 3.75% Exchangeable Senior
Notes.
For each $1,000 principal amount of exchangeable notes validly tendered, note holders will receive 27.7434 Company common shares, which represents an exchange price of approximately $36.04 per share, plus $215 paid in the form of additional Company common shares (based on the volume weighted average price of the Company's common shares over an eight trading day averaging period beginning April 24, 2009 and ending May 5, 2009), subject to a minimum and a maximum number of Company common shares as described in the preliminary prospectus described below. Holders will also receive a cash payment for accrued and unpaid interest on the exchangeable notes up to but not including the settlement date.
The offer is scheduled to expire at 5:00 p.m., New York City time, on Thursday, May 7, 2009. As of April 8, 2009, there was $149,500,000 principal amount of exchangeable notes outstanding.
Copies of the preliminary prospectus relating to the exchange offer may be obtained from the information agent, Global Bondholder Services Corporation, 65 Broadway, Suite 723, New York, NY 10006, telephone (866) 470-4300.
Tanger has engaged Goldman, Sachs & Co., telephone (800) 828-3182, to act as lead dealer manager in connection with the exchange offer. Merrill Lynch & Co. will be co-dealer manager in connection with the exchange offer.
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