Choice Hotels Announces Special Cash Dividend of $10.41
Choice Hotels International, Inc. (NYSE: CHH) announced today that the Company's Board of Directors has declared a special cash dividend in the amount of $10.41 per share, resulting in an aggregate payment amount of approximately $600 million. The record date for the special cash dividend is August 20, 2012 and the special cash dividend will be paid on August 23, 2012. The Company has been informed by the New York Stock Exchange that, in accordance with its rules, the ex-dividend date is expected to be August 24, 2012.
Accordingly, stockholders who sell their shares on or before the payment date will not be entitled to receive the special cash dividend. The special cash dividend is being paid with the proceeds from the Company's recent offering of 5.750% senior notes and from its new senior secured credit facility.
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