CKE Restaurants closes $320M facility |
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Wed, 28 Mar 2007 00:48
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CARPINTERIA, Calif. (AP) - CKE Restaurants Inc., which operates Hardee's and Carl's Jr. restaurants, said Tuesday it closed an amended and restated $320 million senior secured credit facility.The company said the new facility consists of a six-year $120 million term loan that it plans to use to prepay existing balances on its previous credit facility. The new facility also includes a five-year $200 million revolving credit facility, which CKE Restaurants will use for general working capital.Chief Financial Officer Ted Abajian said in a statement the new facility has more flexibility and better borrowing terms than its previous facility.BNP Paribas is the credit facility's lead arranger and administrative agent.CKE Restaurants slipped 11 cents to close at $19 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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