CKE begins tender offer for $29.88 million 11 3/8% notes due 2018

By Toni Weeks

San Diego, July 18 - CKE Restaurants, Inc. began a tender offer for up to $29,875,000 of its 11 3/8% senior secured second-lien notes due 2018 on Wednesday, according to a press release.

The company is required to make the offer as a result of its completion of a series of sale lease-back transactions involving some of its restaurant properties, the release said.

Holders of notes validly tendered and accepted will be paid 103% of par plus accrued interest through Aug. 16, the expiration date for the offer. Settlement will occur Aug. 17.

Based in Carpinteria, Calif., CKE operates quick-service and fast-casual restaurants.

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