secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2023-06-27T23:59:59+00:00
Accession:  0001497645-23-000021
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Summit Hotel Properties enters $600M senior unsecured credit facility, refinancing existing debt
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/a8-kcoverpr06242023.htm
  HTML page:      https://secwatch.observer/filing/0001497645-23-000021

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer