Choice Hotels upsizes revolver to $1B, extends maturity to 2029

CHOICE HOTELS INTERNATIONAL INC /DE

Revolver increased from $850M to $1B; maturity extended to June 28, 2029 from August 20, 2026.
Option to increase commitments or add term loans by up to $500M with lender consent.
SOFR-based loans priced at 0.90%–1.50% margin over SOFR based on debt ratings or leverage ratio.
Covenants: fixed charge coverage ≥2.5x, total leverage ≤4.5x (up to 5.5x on material acquisitions if investment grade).
Proceeds for general corporate purposes including working capital, debt repayment, stock repurchases, dividends.

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