---
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"
generated_at: "2026-06-07T11:08:15.150258+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Choice Hotels enters $500M unsecured term loan due Dec 2024 with SOFR pricing

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-297666
- JSON: https://secwatch.observer/filing/0001193125-23-297666.json
- Plain text: https://secwatch.observer/filing/0001193125-23-297666.txt

## Key facts
- Debt Financings
  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.
  - Instrument: term loan
  - Principal: $500 million
  - Counterparty: Wells Fargo Bank, National Association
  - Rate: SOFR (subject to a credit spread adjustment of 0.10% and a 0.00% floor) plus a m
  - Maturity: December 16, 2024
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1046311/000119312523297666/0001193125-23-297666-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.