{"schema_version":"secwatch.filing_event.v1","accession":"0001497645-23-000034","form_type":"8-K","ticker":"INN","cik":"0001497645","company_name":"Summit Hotel Properties, Inc.","filed_at":"2023-09-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:34.094217+00:00","generated_at":"2026-06-10T10:35:42.222418+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Summit Hotel JV enters $200M credit facility ($125M revolver + $75M term loan) maturing 2027","bullets":["Borrower is Summit JV MR 1, LLC, a joint venture of Summit Hotel OP and a GIC affiliate; Summit Hotel Properties (INN) is not a borrower or guarantor.","Facility includes $125M revolver and $75M term loan, both maturing Sept 15, 2027, with a single 12-month extension option.","Interest on revolver is SOFR + 2.15% (plus 0.10% SOFR adjustment) or base rate + 1.15%; term loan margin is 5 bps lower.","Key financial covenants: max leverage 55%, min fixed charge coverage 1.50x, min tangible net worth $284M + 75% of future equity proceeds, secured debt max 40% of asset value.","Accordion feature permits increasing total commitments by up to $300M, for potential aggregate borrowings of $500M."],"urls":{"canonical":"https://secwatch.observer/filing/0001497645-23-000034","json":"https://secwatch.observer/filing/0001497645-23-000034.json","markdown":"https://secwatch.observer/filing/0001497645-23-000034.md","text":"https://secwatch.observer/filing/0001497645-23-000034.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000034/0001497645-23-000034-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000034/inn-20230915.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T10:35:42.222418+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":"36d0830ca573bb1b13beaecbb9d2667462e805ff","claim":"Summit Hotel Properties, Inc. incurred credit facility of $200 million with Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner at Daily SOFR or Term SOFR (1-month or 3-month), plus a SOFR adjustment of 0.10%, p maturing September 15, 2027.","evidence_excerpt":"On September 15, 2023, Summit JV MR 1, LLC (the “Borrower”, “we” or “us”), as borrower, Summit Hospitality JV, LP (the “Parent”), as parent, and each subsidiary of the Borrower executing the credit facility documentation as a guarantor, entered into a $200 million credit facility (the “Credit Facility”) with various initial lenders, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000034/0001497645-23-000034-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$200 million"},{"label":"Counterparty","value":"Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner"},{"label":"Rate","value":"Daily SOFR or Term SOFR (1-month or 3-month), plus a SOFR adjustment of 0.10%, p"},{"label":"Maturity","value":"September 15, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"7913fe212e713ba92553e308c2ec5e098b9f38bc","claim":"Summit Hotel Properties, Inc. entered into Credit Facility with various initial lenders, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner valued at $200 million (effective 2023-09-15).","evidence_excerpt":"Summit JV MR 1, LLC (the “Borrower”, “we” or “us”), as borrower, Summit Hospitality JV, LP (the “Parent”), as parent, and each subsidiary of the Borrower executing the credit facility documentation as a guarantor, entered into a $200 million credit facility (the “Credit Facility”) with various initial lenders, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1497645/000149764523000034/0001497645-23-000034-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"various initial lenders, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole bookrunner"},{"label":"Value","value":"$200 million"},{"label":"Effective","value":"2023-09-15"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}