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TANGER FACTORY OUTLET CENTERS, INC. REGISTRAITON STATEMENT FOR $75,000,000 PREFERRED ISSUE DECLARED EFFECTIVE

 GREENSBORO, N.C., Dec. 10 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today that its registration statement for $75,000,000 of Preferred Shares relating to a new issue of 3,000,000 Depositary Shares, each representing 1/10 of a share of Series A Cumulative Convertible Redeemable Preferred Shares, was declared effective on Dec. 9,. 1993, by the Securities and Exchange Commission. The liquidation preference for each Depositary Share will be $25.00, plus accrued and unpaid dividends, if any. The Depositary Shares will be traded on the New York Stock Exchange under the symbol "SKTPrA."
 The company intends to use the net proceeds of the offering to repay existing mortgage debt, fund planned expansions and development of new properties, and for general purposes (which may include future strategic acquisitions).
 Merrill Lynch & Co. and Bear, Stearns & Co. Inc. are acting as underwriters for the offering. The underwriters have been granted an option to purchase up to 450,000 additional Depositary Shares to cover any over-allotments.
 Tanger Factory Outlet Centers, Inc., a publicly-traded REIT, is one of the largest owners and operators of factory outlet centers in the United States with 17 factory outlet centers. The company is a fully integrated real estate company providing all development, management, and leasing services for its properties. Headquartered in Greensboro, N.C., Tanger Factory Outlet Centers, Inc. was the first factory outlet shopping center developer to go public, completing its initial public offering on June 4, 1993.
 -0- 12/10/93
 /CONTACT: Rochelle Simpson of Tanger Factory Outlet Centers, 919-274-1666/
 (SKT)


CO: Tanger Factory Outlet Centers, Inc. ST: North Carolina IN: REA SU: OFR

CM -- CH003 -- 2587 12/10/93 11:34 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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