Summit Hotel Properties enters $275M unsecured delayed draw term loan facility

Summit Hotel Properties, Inc.

Facility of $275M with accordion feature up to $50M; draw period through March 1, 2026.
Maturity March 27, 2028, extendable to March 27, 2030 with two 12-month options.
Interest rate based on SOFR plus 1.35%-2.35% or base rate plus 0.35%-1.35% based on leverage.
Covenants include max leverage 7.25x, min fixed charge coverage 1.50x, max secured leverage 45%.
Proceeds to refinance existing debt and for general working capital.

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