New Issue: El Pollo Loco places $105 million 17% 6.5-year notes

By Paul A. Harris

Portland, Ore., July 14 - El Pollo Loco, Inc. privately placed $105 million of 17% 6.5-year second-priority senior secured notes, an informed source said on Thursday.

The notes priced at 97.00 to yield 17.793%.

The deal was concluded in line with price talk.

The coupon pays 12½% in cash and 4½% in kind (PIK).

Jefferies & Co., Inc. was the placement agent.

The Costa Mesa, Calif.-based restaurant operator plans to use the proceeds to repay debt.

Issuer:	El Pollo Loco, Inc.
Face amount:	$105 million
Proceeds:	$101.85 million
Maturity:	Jan. 1, 2018
Securities:	Second-priority senior secured notes
Placement agent:	Jefferies & Co., Inc.
Cash coupon:	12½%
PIK coupon:	4½%
Blended coupon:	17%
Price:	97.00
Yield:	17.793%
Call features:	Make-whole call at Treasuries plus 50 bps until July 1, 2013, then callable at 104, 102, par on and after July 1, 2015
Settlement date:	July 14
Distribution:	Private placement
Price talk:	12½% cash plus 4½% PIK at 97.00 to yield 17.8% area

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