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CKE Restaurants to get credit facility for buyout by Thomas H. Lee
By Sara Rosenberg
New York, Feb. 26 - CKE Restaurants Inc. plans to obtain a new credit facility to help fund its acquisition by Thomas H. Lee Partners, according to a market source.
Bank of America and Barclays are the lead banks on the deal.
Under the agreement, Thomas H. Lee is buying CKE for $11.05 in cash per share.
The transaction is valued at roughly $928 million, including the assumption of approximately $309 million of net debt.
There is a 40-day go-shop period.
Closing on the buyout is expected to occur in the second quarter, subject to approval by shareholders, regulatory approval and other customary conditions.
CKE Restaurants is a Carpinteria, Calif.-based owner of Carl's Jr. and Hardee's quick-service restaurant chains.
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