CKE tenders for $412.12 million of 11 3/8% senior secured notes

New York, March 4 - CKE Restaurants, Inc. said it has begun a cash tender offer for up to $412,122,000 of its 11 3/8% senior secured second-lien notes due 2018.

The company is also soliciting consents to waive and amend some of the covenants in the note indenture and to authorize release of all of the collateral subject to the liens securing the notes.

There is currently $472,122,000 of the notes outstanding.

Holders who tender by the early consent date of 11:59 p.m. ET on March 14 will receive $1,177.50 per $1,000 principal amount of notes, including a $30 early consent payment. Those who tender after that date will receive $1,147.50 per $1,000. CKE will also pay accrued interest up to but excluding the payment date.

The tender ends at 11:59 p.m. ET on March 28.

Holders who tender will be deemed to have given their consents and consents may not be delivered without tendering. The company needs consents from holders of a majority of the notes to amend the indenture and from holders of two-thirds to release the collateral.

The tender is subject to conditions, including the refinancing of substantially all existing indebtedness of CKE Restaurants and its parent, CKE Inc., including the 11 3/8% notes and the parent company's 10½%/11¼% senior PIK toggle notes due 2016, and the termination of the company's current senior secured revolving credit facility.

CKE said it expects to redeem $60 million of notes remaining after the tender on July 15 at a price of 103.

Barclays Capital Inc. is dealer manager (800 438-3242 or call collect 212 528-7581). D.F. King & Co., Inc. is information agent (212 269-5550 for brokers and banks, 800 290-6426 for all others).

CKE is a Carpinteria, Calif., restaurant operator.

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