CKE Gets Extra Credit
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CKE Restaurants Inc. on Tuesday said it had entered into a $75-million credit agreement with a group of financial institutions led by NationsBank of Texas, N.A. CKE borrowed $20 million to pay off existing indebtedness and now has access to an additional $55 million in revolving credit.
CKE Chairman William P. Foley II said the new credit line would give the Anaheim-based company “increased flexibility in enhancing our growth strategy.”
The new line of credit replaces a $44-million line that was set to expire on Aug. 31. CKE Restaurants is the parent company of the Carl’s Jr. hamburger chain.
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