Bloomberg News

Carl’s Jr. Owners Set 13.3 Million Share IPO at $14-$16 Each

July 30, 2012

Carl’s Jr. Owners Set 13.3 Million Share IPO

A takeaway order sits on the counter of a Hardee's restaurant. Photographer: Asim Hafeez/Bloomberg

CKE Inc. (CK:US), the franchiser of Carl’s Jr. and Hardee’s burger chains, said an initial public offering of 13.3 million shares planned today may fetch between $14 and $16 a share.

CKE is offering half the shares and the company’s sole stockholder, Apollo CKE Holdings LP, will offer the rest, the Carpinteria, California-based company said today in a filing. CKE will receive funds only from the shares it sells. The date of the offering hasn’t been determined, said Beth Mansfield, a CKE spokeswoman.

Some of the proceeds will go toward retiring about $82.1 million in bond debt due in 2018, according to the filing. The remaining funds will be used for general corporate purposes. The company had 3,263 locations in 42 states and 25 other countries as of May 21, of which 73 percent were franchised.

CKE’s revenue fell 3.9 percent to $1.28 billion, while the company had a net loss of $19.3 million in its fiscal 2012, according to a filing in May.

The shares will be listed on the New York Stock Exchange under the symbol CK.

Morgan Stanley (MS:US), Citigroup Inc. and Goldman Sachs Group Inc. (GS:US) will lead the IPO, according to the filing.

To contact the reporter on this story: Duane D. Stanford in Atlanta at dstanford2@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • MS
    (Morgan Stanley)
    • $33.35 USD
    • 0.44
    • 1.32%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus