Summit Hotel Properties, Inc. (INN): debt financing — Summit Hotel Properties enters $600M senior unsecured credit facility, refinancing existing debt

Summit Hotel Properties, Inc.

$400M revolving credit facility matures June 21, 2027 (extendable to 2028) and $200M term loan matures June 21, 2026 (extendable to 2028).
Accordion feature allows up to $300M increase in total commitments.
Facility secured by 53 unencumbered hotel properties initially; leverage ratio covenant max 8.25:1.00 declining to 7.25:1.00.
Refinances the existing $600M credit facility in its entirety.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Summit Hotel Properties, Inc. amended term loan of $200 million with Bank of America, N.A. at the applicable margin for a term loan advance shall be 0.05% less than the revol maturing June 21, 2026.

Instrument: term loan
Principal: $200 million
Counterparty: Bank of America, N.A.
Rate: the applicable margin for a term loan advance shall be 0.05% less than the revol
Maturity: June 21, 2026
Event: amendment

Exact text from the filing

The $200 Million Term Loan will mature on June 21, 2026 and can be extended to June 21, 2028 at the Company’s option, subject to certain conditions.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Summit Hotel Properties, Inc. amended revolving credit of $400 million with Bank of America, N.A. at SOFR, plus a 0.10% credit spread adjustment, plus a SOFR margin between 1.40% an maturing June 21, 2027.

Instrument: revolving credit
Principal: $400 million
Counterparty: Bank of America, N.A.
Rate: SOFR, plus a 0.10% credit spread adjustment, plus a SOFR margin between 1.40% an
Maturity: June 21, 2027
Event: amendment

Exact text from the filing

The $400 Million Revolver will mature on June 21, 2027 and can be extended to June 21, 2028 at the Company’s option, subject to certain conditions.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Summit Hotel Properties, Inc. amended Amended Credit Facility with Bank of America, N.A., as administrative agent, and the lenders valued at $600 million (effective 2023-06-21).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders
Value: $600 million
Effective: 2023-06-21

Exact text from the filing

On June 21, 2023, Summit Hotel OP, LP (the “Operating Partnership”), as borrower, Summit Hotel Properties, Inc. (the “Company”), as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $600 million senior unsecured credit facility (the “Amended Credit Facility”) with Bank of America, N.A. as administrative agent (in such capacity, the “Agent”).

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Summit Hotel Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001497645-23-000021

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