CKE Restaurants repurchases $11.1 million convertibles, working on strategy

New York, April 29 - CKE Restaurants, Inc. said it repurchased $11.1 million of its 4¼% convertible subordinated notes due March 2004.

The Santa Barbara, Calif. restaurant company said it spent $10 million on the repurchases, the maximum amount permitted under the terms of its amended credit facility.

CKE bought the notes at prices from $87.25 to $90.25 between Jan. 28, 2002 and March 15, 2002, according to a filing with the Securities and Exchange Commission.

The repurchases were "the first step in addressing our plan to begin developing a strategy for retiring" the notes, CKE added in the filing.

Before it began the buybacks, the company had $159.2 million of the notes outstanding.

CKE said it may consider selling assets including restaurants, a debt or equity offering, a debt swap or some combination of those options to meet its obligations.

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