secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2022-07-27T23:59:59+00:00
Accession:  0001104659-22-083241
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922083241/0001104659-22-083241-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922083241/tm2221949d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-083241

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