El Pollo Loco receives consents to amend notes

New York, May 31 - El Pollo Loco Inc. and EPL Intermediate Inc. said they received the necessary tenders and consents to amend their notes.

By the consent deadline of May 30, holders had tendered with consents $124.726 million or 99.93% of El Pollo's 11¾% senior notes due 2013 and $39.342 million or 100% of EPL's 14½% senior discount notes due 2014.

The companies have executed supplemental indentures to eliminate substantially all of the restrictive covenants, certain events of default provisions and certain conditions to defeasing the notes. The changes will go into effect when the notes are purchased.

The tender ends at 5 p.m. ET on July 12.

Those holders who tendered by the consent deadline will receive a consent payment of $50.00 per $1,000 principal amount in addition to the tender offer payment plus accrued interest.

The offer is subject to conditions, including completion of an initial public offering of common stock, El Pollo Loco entering into a new credit facility, a consent condition, a minimum tender condition and a requirement that the companies receive consents from holders of a majority of each series of notes.

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

El Pollo Loco is an Irvine, Calif., fast food restaurant operator.

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