Summit Hotel Properties gets upsized $600M credit pact

|About: Summit Hotel Properties, Inc. (INN)|By:, SA News Editor

Summit Hotel Properties (NYSE:INN) closes on a $600M unsecured credit pact, comprised of a $400M revolving line of credit and a $200M unsecured term loan.

INN +0.2% in after-hours trading.

The agreement replaces an existing $450M credit facility.

The line of credit matures in March 2023 and can be extended to March 2024 at the company's option.

The $200M term loan matures in April 2024 and includes an accordion feature that allows Summit to request additional lender commitments up to $900M.

Previously: Summit Hotel FFO in-line, beats on revenue (Oct. 30)

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