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CKE Restaurants $150 to $175 million loan to launch next week via BNP
By Sara Rosenberg
New York, Sept. 24 - CKE Restaurants Inc. is expected to hold a bank meeting for a new $150 to $175 million credit facility (B1/B) on either Tuesday or Wednesday of next week, a source close to the deal told Prospect News. BNP Paribas is the lead bank on the deal.
The facility is rumored to consist of a $50 million term loan and a $125 million revolver, according to a buy-side source, but these details could not be confirmed prior to press time.
Proceeds from the new loan will be used to repay part of CKE's 4¼% convertible subordinated notes due 2004 and to replace its existing $100 million senior credit facility, according to a news release.
The company plans to use proceeds from an upsized $90 million offering of convertible subordinated notes, which priced Tuesday at par to yield 4%, to repay the remainder of the 4¼% convertibles.
CKE is a Santa Barbara, Calif. restaurant operator.
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