Santa Barbara, California-based quick-service restaurant group CKE Restaurants announced on Friday that it has closed its US$100m amended senior secured credit facility to replace its US$120m revolving facility.
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The term of the amended facility is for two years, extendable to five years under certain circumstances. The participants are the agent banks in the present facility and include BNP Paribas as Agent, FirstBank and Trust, Wells Fargo Bank, Fleet National Bank and US Bank.
The Company also reported preliminary same-store sales for the fourth quarter and year-to-date fiscal 2002, in its 3,400 franchsied restaurant brands Carl’s Jr and Hardee’s:
Same-Store Sales
Current Year Prior Year
Fourth Quarter Year-to-Date Fourth Quarter Year-to-Date
Carl’s Jr. 4.3% 2.9% -0.4% 1.8%
Hardee’s 6.4% 0.1% -10.9% -7.6%
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Andrew F. Puzder, president and CEO, commented: “Our preliminary sales results exceeded our previously announced expectations for the fourth quarter.
“These results reflect the introduction of the Six Dollar Burger(TM) at Hardee’s, its continued success at Carl’s Jr., along with improved restaurant operations and milder weather compared to last year. Our focus remains on premium products, rather than discounting.
“We continue to expect to report a loss for the fourth quarter just ended, due to the seasonality of our business and to operate profitably next fiscal year, absent any adjustments that may be required as a result of adopting the new accounting rules for goodwill.”
