{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-297666","form_type":"8-K","ticker":"CHH","cik":"0001046311","company_name":"CHOICE HOTELS INTERNATIONAL INC /DE","filed_at":"2023-12-18T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.020871+00:00","generated_at":"2026-06-07T11:08:15.150258+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Choice Hotels enters $500M unsecured term loan due Dec 2024 with SOFR pricing","bullets":["$500M unsecured term loan; maturity Dec 16, 2024 with optional one-year extension subject to lender consent.","Interest at SOFR + 0.10% credit spread plus margin of 125–175 bps, or base rate plus 25–75 bps, based on debt rating.","Financial maintenance covenants: fixed charge coverage ratio ≥2.50x; total leverage ratio ≤4.50x (step-up to 5.50x for acquisitions).","Mandatory prepayments equal to 100% net cash proceeds from certain debt or equity issuances.","Proceeds for general corporate purposes including working capital."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-297666","json":"https://secwatch.observer/filing/0001193125-23-297666.json","markdown":"https://secwatch.observer/filing/0001193125-23-297666.md","text":"https://secwatch.observer/filing/0001193125-23-297666.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1046311/000119312523297666/0001193125-23-297666-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1046311/000119312523297666/d441609d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T11:08:15.150258+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0d13e35672db774cb858b2a354d74e64ea58fe48","claim":"CHOICE HOTELS INTERNATIONAL INC /DE incurred term loan of $500 million with Wells Fargo Bank, National Association at SOFR (subject to a credit spread adjustment of 0.10% and a 0.00% floor) plus a m maturing December 16, 2024.","evidence_excerpt":"On December 18, 2023, the Company entered into the Credit Agreement, which provides for a $500 million unsecured term loan (the “Term Loan”) with a scheduled maturity date of December 16, 2024, subject to an optional one-year extension that can be requested by the Company prior to the initial maturity date.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1046311/000119312523297666/0001193125-23-297666-index.htm","confidence":1.0,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$500 million"},{"label":"Counterparty","value":"Wells Fargo Bank, National Association"},{"label":"Rate","value":"SOFR (subject to a credit spread adjustment of 0.10% and a 0.00% floor) plus a m"},{"label":"Maturity","value":"December 16, 2024"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}