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Summit Hotel Properties, 7.125% Series C Cumulative Redeemable Preferred Stock
Ticker Symbol: INN-C* CUSIP: 866082407 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/20/2018
Security has been Called for: Tuesday, March 20, 2018
Feb. 5, 2018 -- Summit Hotel Properties, Inc., today provided notice to holders of record of the Company's 7.125% Series C Cumulative Redeemable Preferred Stock of the redemption of all 3,400,000 shares of the issued and outstanding Series C Preferred Stock. The cash redemption amount for each share of Series C Preferred Stock is $25.00, plus an amount equal to all accrued and unpaid dividends to, but not including, the redemption date of March 20, 2018, in an amount equal to $0.09401 per share. The Redemption Amount will be payable in cash, without interest on the Redemption Date. On the Redemption Date, dividends on the Series C Preferred Stock will cease to accrue and trading of the Series C Preferred Stock will be delisted from the New York Stock Exchange (NYSE: INNPrC). The Notice of Redemption and related materials will be mailed to holders of record of the Series C Preferred Stock. Payment of the Redemption Amount will be made upon presentation and surrender of shares of the Series C Preferred Stock to Broadridge Corporate Issuer Solutions, the Company's redemption and paying agent. Questions relating to the Notice of Redemption and related materials should be directed to Broadridge Corporate Issuer Solutions at (877) 830-4936.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Summit Hotel Properties, Inc., 7.125% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/20/2018 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.125% per annum ($1.78125 per annum or $0.4453125 per quarter) will be paid quarterly on 2/28, 5/31, 8/31 & 11/30 to holders of record on the record date that will be the first day of the month in which the payment is due or on the record 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 resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). 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. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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 - 3/13/2013 - 3.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $88.4 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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