CKE announces $100 million increase in term loan

CKE announces $100 million increase in term loan
Tags: Burger/Steak/BBQ, Food & Beverage, Franchising & Growth, Operations Management
August 27, 2007

CARPINTERIA, Calif. — CKE Restaurants Inc. has announced that it has amended its credit facility, increasing the amount of its term loan by $100 million to approximately $270 million. The company will use the proceeds to reduce the outstanding amount on its $200 million revolving credit facility by $100 million.

The interest rate on the term loan will not change as a result of the increased borrowings. Following the transaction, the company will have outstanding letters of credit of $38.2 million and outstanding borrowings of $8 million, leaving $153.8 million available under the revolving line of credit.