TANGER INC. 8-K

What Happened

• On January 6, 2026, Tanger Properties Limited Partnership (the Operating Partnership), a majority-owned subsidiary of Tanger Inc., closed a Fourth Amended and Restated Term Loan Agreement (the "2030 Term Loan Agreement") and a new Term Loan Agreement (the "2033 Term Loan Agreement"), and amended its Revolving Credit and Liquidity Credit Agreements. The Company furnished a press release announcing these financings (Exhibit 99.1 to the 8-K).
• The 2030 Term Loan increases the maximum unsecured term loan capacity from $325 million to $350 million, extends the maturity from January 13, 2027 to December 11, 2030, adds a delayed draw feature, and eliminates a prior 10 basis point SOFR credit adjustment. The 2033 Term Loan provides up to $200 million of new unsecured borrowing with a maturity of January 6, 2033; initial pricing is SOFR plus 125 basis points based on the Company’s current credit rating. Amendments to the Revolving Credit and Liquidity Credit Agreements remove the 10 basis point SOFR adjustment and make conforming changes. Each of these facilities is guaranteed by Tanger Inc.

Key Details

• 2030 Term Loan: capacity increased to $350 million; maturity extended to Dec 11, 2030; delayed draw added; 10 bps SOFR credit adjustment eliminated.
• 2033 Term Loan: up to $200 million delayed-draw unsecured loan; maturity Jan 6, 2033; interest at SOFR + applicable margin (initially SOFR + 125 bps).
• Revolving and Liquidity Credit Agreements amended to remove 10 bps SOFR adjustment and conform to the new term loans.
• All facilities are guaranteed by Tanger Inc.; press release filed as Exhibit 99.1.

Why It Matters

• These actions extend debt maturities and increase available unsecured borrowing capacity, which can reduce near-term refinancing risk by pushing principal repayment obligations further into the future.
• The new 2033 facility and expanded 2030 capacity give the company more liquidity flexibility; interest pricing (SOFR + margin) and removal of the 10 bps adjustment affect the effective cost of borrowing.
• Because the loans are unsecured and guaranteed by the parent, Tanger Inc. remains directly liable for these credit facilities under the guarantee arrangements.