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CARPINTERIA, Calif.--(BUSINESS WIRE)--CKE Restaurants Holdings, Inc. (the “Company”), previously CKE Restaurants, Inc., announced today the completion of its previously announced tender offer (the “Tender Offer”) and consent solicitation (the “Consent Solicitation”) with respect to the Company’s 11.375% Senior Secured Second Lien Notes due 2018 (the “Notes”).
The Tender Offer expired at 11:59 p.m., New York City time, on March 28, 2013 (the “Expiration Date”). In total, prior to the Expiration Date, the Company received tenders from the holders of $468,962,000 aggregate principal amount of the Notes, which represent approximately 99.3% of the outstanding Notes.
Subject to the tender cap of $412,122,000 aggregate principal amount of Notes (the “Tender Cap”) and proration, each holder who tendered its Notes prior to 11:59 p.m., New York City time on March 14, 2013, (the “Early Consent Date”) and had its Notes accepted in the Tender Offer is entitled to receive, as total consideration, a cash payment of $1,177.50 in exchange for each $1,000 principal amount of Notes that was accepted. Such total consideration includes an early consent payment, in cash, of $30.00 per $1,000 principal amount of Notes so tendered and accepted. Subject to the Tender Cap and proration, each holder who tendered its Notes after the Early Consent Date and had its Notes accepted in the Tender Offer is entitled to receive a cash payment of $1,147.50 in exchange for each $1,000 principal amount of Notes that was accepted. Based on the results of the Tender Offer and Consent Solicitation, the final proration factor for these payments is approximately 88.4%.
The Company expects to settle the Tender Offer and Consent Solicitation on April 1, 2013.
Barclays Capital Inc. acted as Dealer Manager for the Tender Offer and Solicitation Agent for the Consent Solicitation. D.F. King & Co., Inc. acted as the Tender Agent and Information Agent for the Tender Offer and Consent Solicitation.
About The Company
CKE Restaurants Holdings, Inc., previously CKE Restaurants, Inc., is a privately held company headquartered in Carpinteria, Calif. As of January 28, 2013, the Company, through its subsidiaries, had a total of 3,318 franchised or company-operated restaurants in 42 states and 28 foreign countries and U.S. territories worldwide. For more information about the Company, please visit www.ckr.com.