Choice Hotels International (CHH: Quote) announced its intention to offer $400 million aggregate principal amount of senior notes due 2022 after the close Tuesday. The company intends to use the net proceeds from the notes offering to pay during 2012 a special cash dividend of approximately $600 million in the aggregate to the company's stockholders.
Choice Hotels International gapped up and spiked sharply higher at the open Wednesday, before settling into a range. Shares finished up by 2.74 at $40.98 on the highest volume of the year. The stock rose above resistance and set a new high for the year.
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by RTT Staff Writer
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