El Pollo Loco talks $150 million eight-year notes at 11¾%-12%

By Paul A. Harris

St. Louis, Nov. 8 - EPL Finance Corp. (El Pollo Loco) talked its $150 million offering of eight-year senior notes at 11¾% to 12% on Tuesday, according to an informed source.

The offering is expected to price Thursday.

Merrill Lynch & Co. and Banc of America Securities LLC are joint bookrunners for the Rule 144A offering.

The notes come with four years of call protection and a three-year 35% equity clawback.

Moody's Investors Service assigns its Caa1 rating to the notes. Standard & Poor's rates the notes CCC+.

Proceeds will be used to help fund the acquisition of the company by Trimaran Capital Partners, LP.

The prospective issuer is an Irvine, Calif.-based restaurant chain.

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