CKE nixes IPO, had planned to claw back 11 3/8% notes with proceeds

By Angela McDaniels

Tacoma, Wash., Aug. 9 - CKE Inc. will not proceed with its initial public offering of common stock, according to a company news release. The company cited market conditions.

CKE had planned to use proceeds from the IPO to redeem $82.1 million of its 11 3/8% senior secured second-lien notes due 2018 at 111.375% of par and for general corporate purposes.

Carpinteria, Calif.-based CKE and its subsidiaries own Carl's Jr. and Hardee's quick-service restaurant chains.

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