CKE Restaurants looking for $150 to $175 million loan

By Sara Rosenberg

New York, Sept. 22 - CKE Restaurants Inc. is seeking a new $150 to $175 million credit facility (B1/B) and has secured an underwritten lending commitment for it.

CKE declined to comment any further on the proposed bank debt financing.

Proceeds from the new loan will be used to repay part of its outstanding 4¼% convertible subordinated notes due 2004 and to replace its existing $100 million senior credit facility, according to a news release.

The company also plans to use proceeds from a $75 million convertible subordinated notes offering to repay the rest of the 4¼% convertibles.

CKE is a Santa Barbara, Calif. restaurant operator.

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