CKE Completes $180 Million Whole-Business Securitization Offering

Paul, Weiss advised CKE Restaurants Holdings, Inc., the owner, operator and franchisor of Carl’s Jr. and Hardee’s Jr. quick-service restaurants, in its fourth series issuance under its whole-business securitization. The transaction, backed by domestic and international franchise agreements along with royalties from real estate, franchisee licenses, IP and cash flow from some corporate-owned franchises, involved the issuance by Hardee’s Funding LLC and Carl’s Jr. Funding LLC of $180 million in additional fixed-rate senior secured notes, bringing the total amount of bonds outstanding under the securitization to over $1.1 billion. 

The Paul, Weiss team included corporate partners Jordan Yarett and John Kennedy, and counsel Christopher Poggi, Mikhel Schecter and Philip Heimowitz; tax partner Lindsay Parks; restructuring partner Kyle Kimpler; and executive compensation counsel Jacob Glazeski.