Summit Hotel's Joint Venture Refinances $200 Million in Debt
By Dean Seal
Summit Hotel Properties' joint venture with Singapore's sovereign wealth fund has completed the refinancing of a $200 million senior credit facility.
The new credit agreement provides for a fully extended maturity date of September 2028 for both a $125 million revolving credit facility and a $75 million term loan.
The interest rate from the prior credit facility has been maintained at the Secured Overnight Financing Rate plus 215 basis points for the revolver and the Secured Overnight Financing Rate plus 210 basis points for the term loan.
Because of the refinancing, Summit Hotel has a no material debt maturities through 2024 and its average length to maturity is more than three years.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 20, 2023 07:03 ET (11:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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