Summit Hotel amends $600M credit facility, extends maturity, eases covenants

Summit Hotel Properties, Inc.

Extended maturity on $400M revolver to March 2025 and $200M term loan to April 2025.
Eliminated minimum liquidity covenant; maximum leverage ratio set at 8.75x through June 2022 stepping down to 7.25x.
Switched interest rate benchmark from LIBOR to SOFR; swingline facility terminated.
Deutsche Bank resigned as administrative agent; Bank of America appointed successor.
Similar amendments made to $225M 2018 term loan with comparable terms.

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