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Summit Hotel Properties, 6.45% Series D Cumulative Redeemable Preferred Stock
Ticker Symbol: INN-D* CUSIP: 866082506 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/04/2021
Security has been Called for: Saturday, September 4, 2021
Aug. 5, 2021-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today provided notice to the record holders (the "Notice of Redemption") of the Company's 6.45% Series D Cumulative Redeemable Preferred Stock (the "Series D Preferred Stock") of the redemption, subject to completion of the Company's public underwritten offering of 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F Offering"), of all 3,000,000 of the issued and outstanding shares of Series D Preferred Stock. The cash redemption amount (the "Redemption Amount") for each share of Series D Preferred Stock is $25.00, plus accrued and unpaid dividends to, but not including, the redemption date of September 4, 2021 (the "Redemption Date").
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Summit Hotel Properties, Inc., 6.45% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/28/2021 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.45% per annum ($1.6125 per annum or $0.403125 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 one business day 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 - 6/20/2016 - 3.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: SMTTP Changed: 6/30/2016
Market Value $75.0 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: 13215 Bee Cave Parkway, Suite B-300, 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 - Jonathan P. Stanner |
CFO - William (“Trey”) H. Conkling |
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