Summit Hotel Properties, Inc. announced that it had successfully closed on a new $450 million unsecured credit facility. The increased credit facility is comprised of a $300 million unsecured revolving line of credit and a $150 million unsecured term loan and replaces the company's existing $300 million unsecured credit facility. The $300 million revolving line of credit matures in March 2020 and can be extended to March 2021 at the Company's option, subject to certain conditions.

The $150 million term loan matures in March 2021. The new credit facility includes a $150 million accordion feature that will allow the company to request additional lender commitments up to a total of $600 million. The interest rate on the credit facility is based on a pricing grid ranging from 145 basis points to 220 basis points plus LIBOR for the $150 million term loan and 150 basis points to 225 basis points plus LIBOR for the $300 million revolving line of credit, depending upon the Company's leverage ratio.

Proceeds from the $150 million term loan were applied to the Company's former $75 million unsecured term loan and $225 million unsecured revolving line of credit.