Real Estate
SUMMIT HOTEL PROPERTIES COMPLETES $650 MILLION CREDIT FACILITY REFINANCING
Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully completed the refinancing and upsizing of its senior unsecured credit facility (the "Credit Facility"). The $650 million senior unsecured credit facility is comprised of a $400 million senior unsecured revolving credit facility (the "Revolver"), a $200 million senior unsecured term loan (the "Term Loan"), and a $50 million senior unsecured delayed draw term loan (the "Delayed Draw Term Loan").
About this update from Summit Hotel Properties, Inc.
AUSTIN, Texas, June 30, 2026 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully completed the refinancing and upsizing of its senior unsecured credit facility (the "Credit Facility"). The $650 million senior unsecured credit facility is comprised of a $400 million senior unsecured revolving credit facility (the "Revolver"), a $200 million senior unsecured term loan (the "Term Loan"), and a $50 million senior unsecured delayed draw term loan (the "Delayed Draw Term Loan"). "We appreciate the strong support from our lending partners and are very pleased with the successful completion of this refinancing. The transaction further strengthens our balance sheet by extending maturities, improving our overall borrowing costs, and providing enhanced flexibility to pursue our strategic and capital allocation objectives," commented Jonathan Stanner, the Company's President and Chief Executive Officer. The amended and restated credit agreement provides for a fully extended maturity date of June 2031. The pricing grid for the current facility ranges from 140 to 230 basis points for the Revolver and 135 to 225 basis points for the Term Loan and Delayed Draw Term Loan, each over the applicable adjusted Term SOFR rate. At the Company's current leverage, pricing on the new senior unsecured facility improved by 20 basis points, resulting in immediate interest savings and earnings accretion. Other terms of the agreement are similar to the Company's previous credit facility agreement. As a result of this refinancing, the Company has extended its weighted average debt maturity to approximately 3.7 years, including extension options, and currently has only $5 million outstanding under its Revolving Credit Facility, preserving substantial available liquidity to support future strategic opportunities. Serving as Joint Bookrunners and Joint Lead Arrangers on the transaction were BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Regions Capital Markets, U.S. Bank National Association, and Capital One, National Association. Additional Joint Lead Arrangers and Co-Documentation agents were The Huntington National Bank, Truist Bank, Manufacturers & Traders Trust Company, and Bank of Nova Scotia. Royal Bank of Canada and Raymond James Bank were participants in the Credit Facility....
View stock analysis, news, and events for Summit Hotel Properties, Inc.