CKE Restaurants to redeem $224.66 million PIK notes at 105.25 on May 1

By Susanna Moon

Chicago, April 2 - CKE Restaurants, Inc. said it issued a notice of optional redemption for its $224,655,000 of senior pay-in-kind toggle notes due March 14, 2016.

The purchase price will be 105.25% of par plus accrued interest to but excluding the redemption date of May 1, according to a company press release.

The company said it declared and paid a cash dividend of about $239,464,000 to CKE Inc., which was in turn deposited with the trustee to repay all obligations under the toggle notes. As a result, CKE Inc. discharged all obligations under the toggle notes, the release said.

CKE is a Carpinteria, Calif., restaurant operator.

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