INN - Summit Hotel launches public offering of convertible senior notes due 2026

Summit Hotel Properties (INN) launched an underwritten public offering of $200M aggregate principal amount of its Convertible Senior Notes due 2026.Underwriters granted a 13-day option to purchase up to an additional $30M aggregate principal amount.Company intends to use a portion of the net proceeds from the offering of the Notes to pay the cost of the capped call transactions. The operating partnership will use the remaining net proceeds to reduce its outstanding indebtedness, including amounts outstanding under the Company's senior unsecured revolving credit facility and term loans.Shares -6.4% AH.

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Summit Hotel launches public offering of convertible senior notes due 2026