Choice hotels international, inc. closes sale of $400 million aggregate principal amount of its 3.700% senior notes due 2029

On november 27, 2019, choice hotels international, inc. closed its sale of $400 million aggregate principal amount of its 3.700% senior notes due 2029 (the “senior notes”). the senior notes were issued pursuant to a third supplemental indenture, dated as of november 27, 2019, between the company and wells fargo bank, national association, as trustee (the “trustee”) to the indenture dated as of august 25, 2010 (together, the “indenture”) between the company and the trustee. the senior notes bear interest at the fixed rate of 3.700% per year and mature on december 1, 2029. interest on the senior notes is payable semi-annually on june 1 and december 1 of each year, commencing on june 1, 2020. the company may redeem the senior notes, in whole or in part, at any time prior to their maturity at the redemption price described in the indenture, which includes a make-whole premium. if the senior notes are redeemed on or after september 1, 2029, (three months prior to the applicable maturity date), the redemption price will be equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. additionally, at the option of the holders of the senior notes, the company may be required to repurchase all or a portion of the senior notes of a holder upon the occurrence of a change of control event, as defined in the indenture, at a price equal to 101% of their aggregate principal amount, plus accrued and unpaid interest, to the date of repurchase.
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