secwatch.observer — SEC 8-K summary
======================================

Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2025-04-02T23:59:59+00:00
Accession:  0001497645-25-000040
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000149764525000040/0001497645-25-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000149764525000040/inn-20250327.htm
  HTML page:      https://secwatch.observer/filing/0001497645-25-000040

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