Carl’s Jr. Owners Set 13.3 Million Share IPO at $14-$16 Each
CKE Inc. (CK), 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.
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