El Pollo Loco terminates tender offer for 11¾%, 14½% notes after canceling IPO

By Laura Lutz

Des Moines, Oct. 12 - El Pollo Loco Inc. and EPL Intermediate Inc. terminated their tender offers for El Pollo Loco's 11¾% notes due 2013 and EPL's 14½% senior discount notes due 2014.

Settlement of the tender offer was conditioned on the completion of an initial public offering by El Pollo Loco Holdings, Inc. On Oct. 12, El Pollo Loco Holdings withdrew its registration statement for that offering, citing unfavorable market conditions.

All notes tendered during the offer will be returned to the noteholders, and no payments will be made.

The offer, originally set to expire on July 12, had been extended five times, most recently to Nov. 3.

As previously reported, the companies had received tenders from holders of $125.726 million, or 100%, of the 11¾% notes and $39.342 million, or 100%, of the 14 ½% senior discount notes by June 26.

The company had said that holders who tendered by the consent deadline on May 30 would receive a consent payment of $50.00 per $1,000 principal amount in addition to the tender offer payment plus accrued interest.

Merrill Lynch, Pierce, Fenner & Smith Inc. was the dealer manager and solicitation agent (call collect 212 449-4914 or 888 ML4-TNDR). Global Bondholder Services Corp. was the information agent (866 937-2200).

El Pollo Loco is a fast food restaurant operator based in Irvine, Calif. EPL is the parent company of El Pollo Loco.

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