By Paul A. Harris
St. Louis, May 14 - El Pollo Loco, Inc. priced an upsized $132.5 million issue of 11¾% senior secured notes due Dec. 1, 2012 (B) at 98 to yield 12.465% on Thursday, according to an informed source.
The coupon came at the tight end of coupon talk of 11¾% to 12% while the issue price came on top of price talk, and the yield came just inside the 12.47% to 12.72% yield talk.
The offering was upsized from $120 million.
Jefferies & Co. ran the books for the quick-to-market Rule 144A/Regulation S with registration rights deal.
Proceeds will be used to repay bank debt and the company's senior secured notes due 2009, with the balance, if any, to be used for general corporate purposes.
The issuer is a fast-food restaurant operator based in Irvine, Calif.
| Issuer: | El Pollo Loco, Inc.
|
| Face amount: | $132.5 million (increased from $120 million)
|
| Proceeds: | $129.85 million
|
| Maturity: | Dec. 1, 2012
|
| Security description: | Senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 11¾%
|
| Price: | 98.00
|
| Yield: | 12.465%
|
| Call features: | Callable on March 1, 2011 at 105.875, Sept. 1, 2011 at 102.938, par on or after March 1, 2012
|
| Equity clawback: | 35% at 111.75 until March 1, 2011
|
| Change of control: | 101
|
| Trade date: | May 14
|
| Settlement date: | May 22
|
| Ratings: | Moody's: To be determined
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 11¾% to 12% coupon, issued at 98 to yield 12.47% to 12.72%
|
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