Choice Hotels enters $500M senior unsecured term loan; matures Aug 2029

CHOICE HOTELS INTERNATIONAL INC /DE

Term loan of $500M, maturity Aug 28, 2029, with optional one-year extension subject to lender consent.
Pricing: SOFR +1.25% (0.00% floor) or base rate +0.25%; proceeds for general corporate purposes.
Covenants: fixed charge coverage ≥2.5x, leverage ≤4.5x (5.5x for acquisitions); investment-grade rating waives coverage.
Wells Fargo administrative agent; joint lead arrangers: Wells Fargo Securities, BofA Securities, Truist, PNC.
Unsecured facility; customary events of default and restrictions on liens, debt, dividends, asset sales.

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