XML 34 R21.htm IDEA: XBRL DOCUMENT v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following:
 December 31,
(in thousands)20222021
$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 $4.9 million and $5.5 million at December 31, 2022 and December 31, 2021, respectively
$445,080 $444,470 
$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 $4.2 million and $4.8 million at December 31, 2022 and December 31, 2021, respectively
395,838 395,237 
$216.6 million senior unsecured notes due 2022 ("2012 Senior Notes") with an effective interest rate of 6.0% less deferred issuance costs of $0.2 million at December 31, 2021(2)
— 216,351 
$600 million senior unsecured credit facility with an effective interest rate of 5.37% less deferred issuance costs of $1.8 million at December 31, 2022(1)
358,189 — 
Economic development loans with an effective interest rate of 3.0% at December 31, 2022 and December 31, 2021, respectively
4,416 4,416 
Total debt (3)
$1,203,523 $1,060,474 
Less current portion2,976 216,351 
Total long-term debt$1,200,547 $844,123 
(1) As there are no outstanding borrowings at December 31, 2021, deferred issuance costs for the senior unsecured revolving credit facility of $2.3 million are presented in non-current Other assets in the consolidated balance sheets. Refer to Note 25 regarding an amendment to the senior unsecured revolving credit facility entered into on February 14, 2023.
(2) The 2012 Senior Notes matured on July 1, 2022. The outstanding principal of $216.6 million was re-paid at maturity.
(3) As part of the Radisson Transaction, we assumed debt that was subsequently paid off during the third quarter of 2022. For additional details, refer Acquired debt and swap derivative Asset sub-header below and Note 24.
Scheduled principal maturities of debt, net of unamortized discounts, premiums and deferred issuance costs, as of December 31, 2022 were as follows:
(in thousands)Senior NotesRevolving Credit
Facility		Other Notes
Payable		Total
2022— — — — 
2023— — 4,416 4,416 
2024— — — — 
2025— — — — 
2026— 358,189 — 358,189 
Thereafter840,918 — — 840,918 
Total payments$840,918 $358,189 $4,416 $1,203,523 
Senior unsecured credit facility
On August 11, 2022, to fund the Radisson Hotels Americas acquisition, the Company drew $175.0 million on the senior unsecured revolving credit facility and funded the remainder with cash on hand. Refer to Note 24. At December 31, 2022, there is approximately $360.0 million outstanding on the senior unsecured revolving credit facility.
Refer to Note 25 regarding an amendment to the senior unsecured revolving credit facility entered into on February 14, 2023.
Acquired debt and swap derivative asset
On August 11, 2022, in connection with the Radisson Hotels Americas acquisition, the Company also acquired three owned hotel properties, one of which had an encumbered mortgage loan with a mortgage principal in the amount of $53.5 million with an original maturity date of August 7, 2024. In addition, the mortgage had an associated interest rate cap agreement (“Interest Swap”) with an effective date of July 30, 2021 through August 6, 2024. On August 12, 2022, at Choice’s election, cash on hand was wired to pay off the outstanding loan principal, outstanding interest, and certain prepayment, exit and related fees in the amount of $56.0 million. At the same time, several of the loan related escrows were released in the amount of $10.4 million. On August 16, 2022, the Interest Swap derivative was terminated, which resulted in a payment to Choice in the amount of $1.9 million.