El Pollo Loco downsizes eight-year senior notes to $125 million, revises talk to 12%

By Paul A. Harris

St. Louis, Nov. 14 - EPL Finance Corp. (El Pollo Loco) downsized its offering of eight-year senior notes (Caa1/CCC+) to $125 million from $150 million on Monday, according to informed sources.

At the same time the company revised price talk to 12% from 11¾% to 12%.

Meanwhile the Irvine, Calif.-based restaurant chain added a $22.5 million tranche of notes that is to be issued at the holding company level. No additional information was available on the structure or maturity of the holding company notes as Prospect News went to press on Monday.

El Pollo Loco will also shift $2.5 million to its credit facility, away from the original bond offering.

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

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

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