Summit Hotel Properties has successfully completed the refinancing and upsizing of its senior unsecured credit facility. The $650 million senior unsecured credit facility comprises a $400 million senior unsecured revolving credit facility, a $200 million senior unsecured term loan, and a $50 million senior unsecured 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,” said Jonathan Stanner, the company’s president and CEO.
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 te
