Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

Tanger Properties Limited Partnership (the "Operating Partnership"), a majority owned subsidiary of Tanger Factory Outlet Centers, Inc. (the "Company"), is party to the Third Amended and Restated Credit Agreement by and among the Operating Partnership, the lenders party thereto, and Bank of America, N.A., as administrative agent and L/C issuer dated January 9, 2018 with the ability to borrow up to $580.0 million under unsecured lines of credit. The Operating Partnership is also party to the Third Amended and Restated Liquidity Credit Agreement by and among the Operating Partnership, the lenders party thereto, and Bank of America, N.A., as administrative agent also dated January 9, 2018 with the ability to borrow up to $20.0 million. Both agreements have a maturity date in October 2021 and contain a one-year extension option (collectively, the "Agreements").

As of December 31, 2019, there was no balance outstanding under the Agreements. On March 31, 2020, in response to the COVID-19 pandemic, the Operating Partnership drew down approximately $479.8 million under the Amended and Restated Credit Agreement which, following previous drawdowns in March 2020, brought the outstanding principal balance under the Agreements to approximately $599.8 million. Based on the Operating Partnership's current debt ratings, the interest rate for borrowings under the Agreements is LIBOR plus 1.00%.

The Operating Partnership borrowed the funds to increase liquidity, preserve financial flexibility and assist the Company and Operating Partnership in meeting their obligations for a sustained period of time until there is more clarity regarding the impact of the COVID-19 pandemic.

Item 7.01. Regulation FD Disclosure

On March 31, 2020, the Company issued a press release withdrawing its previously announced 2020 guidance and announcing the borrowings of approximately $599.8 million under the Agreements. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure.

The information disclosed in this Item 7.01 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



The following exhibits are included with this Report:
Exhibit No.
    99.1         Press release dated March 31, 2020
    104        Cover Page Interactive Data File - the cover page XBRL tags are
               embedded with the Inline XBLR document

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