CKE Restaurants to redeem $100 million 4¼% convertibles

New York, Oct. 3 - CKE Restaurants, Inc. said it will redeem $100 million of its outstanding 4¼% convertible subordinated notes due 2004 on Nov. 3.

The Carpinteria, Calif. quick-service restaurant company will redeem the securities at 100.708% of par.

CKE added that it may buy back some of the convertibles in open-market transactions ahead of the redemption date.

Funding for the call will come from the company's recently completed sale of $105 million 4% convertible subordinated notes due 2023.

After the redemption, CKE will have $22 million of the 4¼% convertibles outstanding.

CKE said it plans to repay these notes on or before their maturity of March 15, 2004 using borrowings from a new $150 to $175 million credit facility that will replace its existing $100 million facility. The company has a commitment for the facility from BNP Paribas.

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