NORTH
BETHESDA, Md., June 25,
2024 /PRNewswire/ -- Choice Hotels International,
Inc. (NYSE: CHH) (the "Company") today announced the pricing of
senior notes in an aggregate principal amount of $600.0 million, in an underwritten, registered
public offering.
The notes will mature on August 1,
2034, will bear interest at a rate of 5.850%, and will be
issued at 98.929% of par value. The notes will be unsecured,
unsubordinated obligations of the Company.
The Company intends to use the net proceeds from the offering to
repay its $500.0 million unsecured
term loan. The Company may use any remaining net proceeds for
working capital and general corporate purposes, including repayment
of borrowings under its $850.0
million senior unsecured revolving credit facility. The
offering and sale of the senior notes is being made pursuant to an
automatic shelf registration statement on Form S-3 filed with the
Securities and Exchange Commission ("SEC"). The offering is
expected to close on or about July 2,
2024, subject to the satisfaction of customary closing
conditions.
Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman
Sachs & Co. LLC and Truist Securities, Inc. are acting as
joint book-running managers for the offering. The offering may be
made only by means of a preliminary prospectus supplement and the
accompanying prospectus. A copy of the preliminary prospectus
supplement and the accompanying prospectus related to the offering
may be obtained from any of the following: Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer
Service, Email: wfscustomerservice@wellsfargo.com, Toll-Free:
1-800-645-3751; BofA Securities, Inc., NC1-022-02-25, 201 North
Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus
Department, Email: dg.prospectus_requests@bofa.com; Goldman Sachs
& Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526,
Facsimile: (212) 902-9316 or by emailing
Prospectus-ny@ny.email.gs.com; and Truist Securities, Inc., 3333
Peachtree Road NE, 9th floor, Atlanta,
GA 30326, Attention: Prospectus Department, Email:
TruistSecurities.prospectus@Truist.com, Telephone: (800)
685-4786.
A copy of the prospectus included in the registration statement
may also be obtained from the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy any security, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About Choice Hotels ®
Choice Hotels International, Inc. (NYSE: CHH) is one of the
largest lodging franchisors in the world, with nearly 7,500 hotels,
representing more than 630,000 rooms, in 45 countries and
territories as of March 31, 2024. A
diverse portfolio of 22 brands that range from full-service upper
upscale properties to midscale, extended stay, and economy enables
Choice® to meet travelers' needs in more places and for more
occasions while driving more value for franchise owners and
shareholders. The award-winning Choice Privileges® rewards program
and co-brand credit card options provide members with a fast and
easy way to earn reward nights and personalized perks.
Forward-Looking Statements
When used within this press release, the words "expects,"
"believes," "anticipates," "plans," "would," "should," "may,"
"estimates," and similar expressions are intended to identify
"forward-looking statements," including but not limited to,
statements about the completion, timing, and size of the proposed
offering of securities by the Company and the use of net proceeds
of such offering. Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors, which may cause
our actual results to be materially different from those expressed
or implied in the forward-looking statements. Such factors include
market conditions and the demand for the Company's securities, as
well as the risks detailed in the Company's preliminary prospectus
supplement and the accompanying prospectus filed with the SEC in
connection with this offering and in the Company's other filings
with the SEC, including our Annual Report on Form 10-K, our
Quarterly Reports on Form 10-Q, and our Current Reports on Form
8-K. We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
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SOURCE Choice Hotels International, Inc.