Choice Hotels (CHH) Prices $600M Notes Offering

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: [email protected], 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: [email protected]; 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 [email protected]; and Truist Securities, Inc., 3333 Peachtree Road NE, 9th floor, Atlanta, GA 30326, Attention: Prospectus Department, Email: [email protected], 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.

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