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Summit Hotel Properties, 9.25% Series A Cumulative Redeemable Preferred Stock
Ticker Symbol: INN-A* CUSIP: 866082209 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/28/2016
Security has been Called for: Friday, October 28, 2016
Sept. 8, 2016 -- Summit Hotel Properties, Inc. today provided notice to holders of record of the Company's 9.25% Series A Cumulative Redeemable Preferred Stock of the redemption of all 2,000,000 shares of the issued and outstanding Series A Preferred Stock. The cash redemption amount for each share of Series A Preferred Stock is $25.00, plus an amount equal to all accrued and unpaid dividends to, but not including, the redemption date of October 28, 2016 in an amount equal to $0.37257 per share. The Redemption Amount will be payable in cash, without interest on the Redemption Date. On the Redemption Date, dividends on the Series A Preferred Stock will cease to accrue and trading of the Series A Preferred Stock will be delisted from the New York Stock Exchange (NYSE:INNPrA).
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Summit Hotel Properties, Inc., 9.25% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 10/28/2016 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 9.25% ($2.3125) per annum are paid quarterly on 2/28-29, 5/31, 8/31 & 11/30 to holders of record on the record date which will be the first day of the month in which the payment is due or on the date fixed by the board, not more than 90 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Upon the occurrence of a Change of Control, as a result of which their common stock and the common securities of the acquiring or surviving entity are not listed on the NYSE, the NYSE Amex or NASDAQ, each holder will have the right (subject to the company's right to redeem the Series A Preferred Stock) to convert the Series A Preferred Stock into shares of common stock (see the prospectus for further information). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (INN)
IPO - 10/25/2011 - 2.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $51.4 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 12600 Hill Country Boulevard, Suite R-100, Austin, TX 78738 |
| Main Phone Number |
512-538-2300 |
| Fax Number |
512-538-2333 |
| Investor Contact (VP Finance)
Adam Wudel
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512-538-2325
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Toll Free Phone Number |
Unknown |
| CEO - Daniel P. Hansen |
CFO - Greg A. Dowell |
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