Business
SUMMIT HOTEL PROPERTIES COMPLETES $275 MILLION DELAYED DRAW TERM LOAN FINANCING
Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully closed on a new $275 million senior unsecured term loan (the "Term Loan"). The Company expects to utilize future proceeds from the Term Loan to repay the majority of the Company's outstanding $287.5 million 1.50% Convertible Senior Notes maturing in February 2026. The Term Loan includes a delayed draw feature available to the Company through March 1, 2026, that will enable the Company to preserve t
About this update from Summit Hotel Properties, Inc.
[{"type":"text","content":"AUSTIN, Texas, March 31, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully closed on a new $275 million senior unsecured term loan (the "Term Loan"). The Company expects to utilize future proceeds from the Term Loan to repay the majority of the Company's outstanding $287.5 million 1.50% Convertible Senior Notes maturing in February 2026. The Term Loan includes a delayed draw feature available to the Company through March 1, 2026, that will enable the Company to preserve the attractive 1.50% interest rate on the Convertible Senior Notes through the scheduled maturity date.","length":684,"tagName":"p"},{"type":"image","alt":"Summit Hotel Properties, Inc. Logo. (PRNewsFoto/Summit Hotel Properties, Inc.)","displaySize":"","headline":null,"caption":"Summit Hotel Properties, Inc. Logo. (PRNewsFoto/Summit Hotel Properties, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":96,"url":"https://media.zenfs.com/en/prnewswire.com/df9a284e7df74e68fbee557433681100"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/B5biRHvtxmKjoIPdE0JvYQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE2OTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/df9a284e7df74e68fbee557433681100","width":400,"height":96}},"href":"https://mma.prnewswire.com/media/233320/summit_hotel_properties_inc___logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""We greatly appreciate the continued support of our lending partners and are extremely pleased with the successful execution of this term loan financing. This term loan enables us to maintain the favorable interest rate of the 1.5% Convertible Senior Notes, while further strengthening our well-positioned balance sheet by extending our debt maturity profile and preserving flexibility to execute on our strategic initiatives," commented Trey Conkling, the Company's Executive Vice President and Chief Financial Officer.","length":534,"tagName":"p"},{"type":"text","content":"The Term Loan provides for a maturity date of March 2030, including two, one-year extension options. The pricing grid of the Term Loan ranges from 135 to 235 basis points over the applicable adjusted Term SOFR rate, with expected initial pricing of SOFR plus 190 basis points. ...