El Pollo Loco, EPL Intermediate receive consents to amend 9¼% notes, 12½% notes

New York, Oct. 25 - El Pollo Loco, Inc. said it received the necessary consents to amend its $110 million of 9¼% senior secured notes due 2009 while parent EPL Intermediate, Inc. likewise received consents for its $70 million 12½% senior discount notes due 2010.

The two Irvine, Calif.-based companies announced the consent solicitation on Oct. 13 as part of a tender offer for the notes. The solicitation is for amendments that would eliminate all restrictive covenants and events of default in the notes' indentures.

The offers are part of a stock purchase agreement. As previously reported, Trimaran Capital Partners LLC entered a definitive agreement to purchase El Pollo Loco from American Securities Capital Partners LP for an undisclosed sum.

The consent solicitations expired at 5 p.m. ET on Oct. 25, while the offers end at 9 a.m. ET on Nov. 9, unless extended.

For the 9¼% notes, the company will pay an amount calculated based on the present value of scheduled payments on the notes, discounted using the 3% Treasury due Dec. 31, 2006 and 50 basis points.

For the 12½% notes, EPL said it will pay 112.5% of the accreted value of the notes as of 30 days following the settlement date and $2.50 per $1,000 principal amount at maturity of notes. With a settlement date of Nov. 10, EPL would pay $759.83 per $1,000 principal amount of notes at maturity.

Those who tender their notes before the consent deadline will receive the $50.00 per $1,000 principal amount consent payment, which is included in the payout.

The offer is conditioned upon the receipt of tenders from a majority of noteholders and sufficient financing.

Merrill Lynch & Co. is dealer manager and solicitation agent (call collect 212 449-4914 or 888 ML4-TNDR). Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 387-1500).

El Pollo Loco is a quick-service restaurant chain that was founded in Guasave, Mexico.

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