Summit Hotel Properties entered a $650 million senior unsecured credit facility with Bank of America, replacing its 2023 agreement. The new facility comprises a $400 million revolver, a $200 million term loan, and a $50 million delayed draw term loan, with an accordion up to $900 million subject to lender consent. The prior facility was refinanced in full on June 29, 2026, with no exit fees disclosed. The company expects the updated structure, maturities, and covenants to enhance liquidity and financial flexibility.
New agreement details:
- Agreement type: Senior unsecured credit facility (revolver, term loan, delayed draw)
- Counterparty: Bank of America, as administrative agent, and other lenders
- Signed / Effective: Jun 29 2026 / Jun 29 2026
- Duration / Termination: Revolver to Jun 29 2030 (extendable to 2031); term loans to Jun 29 2031
- Reason: Refinance prior facility and enhance liquidity
Terminated agreement details:
- Agreement terminated: Amended and Restated Credit Agreement (prior credit facility)
- Counterparty: Bank of America, as administrative agent, and other lenders
- Original agreement date: Jun 21 2023
- Termination date: Jun 29 2026
- Termination type: Early
- Exit fees / payments: None
- Reason: Replaced by larger, longer-dated amended credit facility
Original SEC Filing:
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