Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Summit Hotel Properties, Inc. incurred credit facility of $275 million with Bank of America, N.A., as administrative agent at Daily SOFR or Term SOFR (1-month, 3-month or 6-month), plus a SOFR adjustment of maturing March 27, 2028, subject to two twelve-month extension options available, subject to certain conditions, that result in a fully extended maturity date of March 2.
- Instrument
- credit facility
- Principal
- $275 million
- Counterparty
- Bank of America, N.A., as administrative agent
- Rate
- Daily SOFR or Term SOFR (1-month, 3-month or 6-month), plus a SOFR adjustment of
- Maturity
- March 27, 2028, subject to two twelve-month extension options available, subject to certain conditions, that result in a fully extended maturity date of March 2
- Event
- incurrence
Exact text from the filing
On March 27, 2025, 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 $275 million unsecured delayed draw term loan facility (the “DDTL Facility”) with various initial lenders, Bank of America, N.A., as administrative agent, Wells Fargo Bank, N.A., as syndication agent, Capital One, National Association, Huntington National Bank, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and Raymond James Bank, as co-documentation agents, Wells Fargo Securities LLC, BofA Securities, Inc., Capital One, National Association, Huntington National Bank, JPMorgan Chase Bank, N.A., and Truist Securities, Inc., as joint lead arrangers, and Wells Fargo Securities LLC and BofA Securities, Inc., as joint bookrunners.
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