The updated credit agreement extends the maturity date for both the Revolver and Term Loan to September 2028. Credit: alexskopje via Shutterstock.

Summit Hotel Properties has successfully completed the refinancing of its $200m senior credit facility in partnership with GIC, Singapore’s sovereign wealth fund.

This significant financial move eliminates all material debt maturities for the company through 2024 and maintains competitive pricing, reinforcing its financial stability.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Under the new credit agreement, both the $125m Revolving Credit Facility and the $75m Term Loan have an extended maturity date of September 2028.

Importantly, the interest rate pricing remains in line with the previous credit facility, with SOFR+215 basis points for the $125m Revolver and SOFR+210 basis points for the $75m Term Loan.

The agreement largely maintains other terms from the joint venture’s previous credit facility agreement.

See Also:

Improved financial outlook

With this successful refinancing, Summit Hotel Properties faces no material debt maturities until 2024. Furthermore, the company’s average length to maturity now exceeds three years, including extension options.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This achievement is bolstered by approximately 80% of the company’s pro rata debt and preferred equity capital having a fixed interest rate due to interest rate derivative agreements.

Key players in the transaction

BofA Securities acted as the sole lead arranger and sole bookrunner in this refinancing transaction while Capital One, National Association and Wells Fargo Securities served as Co-Documentation Agents.

JPMorgan Chase Bank also participated as a lender and Bank of America served as the Administrative Agent.

Summit Hotel Properties’s successful credit facility refinancing marks a strategic move to strengthen its financial position and ensure long-term stability in the market.