CKE Restaurants to redeem $200 million of 9 1/8% notes

Pittsburgh, June 2 - CKE Restaurants Inc. will redeem its $200 million of 9 1/8% senior subordinated notes with a $9.1 million prepayment premium on July 2.

The prepayment will be funded from a new six-year $230 million term loan.

Company executive vice president and chief financial officer Ted Abajian said in a news release the prepayment will provide $7 million of interest savings during the first year and allows for future debt repayment without any additional prepayment penalties.

CKE is a Carpinteria, Calif.-based restaurant chain owner.

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