secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2026-06-30T20:39:49+00:00
Accession:  0001497645-26-000054
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Summit Hotel Properties enters $650M senior unsecured credit facility, refinancing prior facility
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- $650M facility: $400M revolver (matures 2030, extendable to 2031), $200M term loan (matures 2031), $50M delayed draw term loan (draws by March 2027).
- Interest rates: SOFR + 1.40%-2.30% for revolver; term loans 0.05% less; base rate + 0.40%-1.30%.
- Financial covenants: max leverage 7.25x, min fixed charge coverage 1.50x, min tangible net worth $1.67B+75% of equity proceeds.
- Unencumbered asset pool: 52 hotel properties initially; minimum 20; unsecured debt to asset value ≤60%, NOI to interest ≥2.00x.
- Accordion feature allows increase to $900M total commitments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000149764526000054/0001497645-26-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000149764526000054/inn-20260629.htm
  HTML page:      https://secwatch.observer/filing/0001497645-26-000054

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