{"schema_version":"secwatch.filing_event.v1","accession":"0001497645-23-000021","form_type":"8-K","ticker":"INN","cik":"0001497645","company_name":"Summit Hotel Properties, Inc.","filed_at":"2023-06-27T23:59:59+00:00","discovered_at":"2026-05-14T18:03:39.061300+00:00","generated_at":"2026-06-13T16:14:05.726986+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"confidence":"high","headline":"Summit Hotel Properties enters $600M senior unsecured credit facility, refinancing existing debt","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001497645-23-000021","json":"https://secwatch.observer/filing/0001497645-23-000021.json","markdown":"https://secwatch.observer/filing/0001497645-23-000021.md","text":"https://secwatch.observer/filing/0001497645-23-000021.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/a8-kcoverpr06242023.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T16:14:05.726986+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"50cbf23a4730e473e49611d479d01ef7d03f3b94","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$200 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"the applicable margin for a term loan advance shall be 0.05% less than the revol"},{"label":"Maturity","value":"June 21, 2026"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"8b9236e1cc9912f8275fc7215dc09b7c7e36dadd","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$400 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"SOFR, plus a 0.10% credit spread adjustment, plus a SOFR margin between 1.40% an"},{"label":"Maturity","value":"June 21, 2027"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"11f23eaca6850a1d913c967be0350c75ca3ba672","claim":"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).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Bank of America, N.A., as administrative agent, and the lenders"},{"label":"Value","value":"$600 million"},{"label":"Effective","value":"2023-06-21"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}