CHOICE HOTELS INTERNATIONAL INC /DE Debt Disclosure
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
$400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $2.4 million and $3.0 million at December 31, 2025 and December 31, 2024, respectively | $ | 397,643 | $ | 397,042 | |||||||
$450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $3.1 million and $3.7 million at December 31, 2025 and December 31, 2024, respectively | 446,910 | 446,300 | |||||||||
$600 million senior unsecured notes due 2034 ("2024 Senior Notes") with an effective interest rate of 6.11%, less a discount and deferred issuance costs of $10.1 million and $11.2 million at December 31, 2025 and December 31, 2024, respectively | 589,936 | 588,764 | |||||||||
$1 billion senior unsecured revolving credit facility with an effective interest rate of 5.22%, less deferred issuance costs of $2.8 million and $3.6 million at December 31, 2025 and December 31, 2024, respectively | 469,783 | 336,420 | |||||||||
Economic development loans with an effective interest rate of 3.00% at December 31, 2025 | 1,850 | — | |||||||||
| Total long-term debt | $ | 1,906,122 | $ | 1,768,526 | |||||||
| (in thousands) | Senior Notes | Revolving Credit Facility | Other Notes Payable | Total | |||||||||||||||||||
| 2026 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| 2027 | — | — | — | — | |||||||||||||||||||
| 2028 | — | — | — | — | |||||||||||||||||||
| 2029 | 397,643 | 469,783 | — | 867,426 | |||||||||||||||||||
| 2030 | — | — | — | — | |||||||||||||||||||
| Thereafter | 1,036,846 | — | 1,850 | 1,038,696 | |||||||||||||||||||
| Total payments | $ | 1,434,489 | $ | 469,783 | $ | 1,850 | $ | 1,906,122 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.