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El Pollo Loco prolongs tender offer for 11¾% notes, 14½% notes
By Jennifer Chiou
New York, June 27 - El Pollo Loco Inc. and EPL Intermediate Inc. said they extended the deadline of their tender offers to 5 p.m. ET on July 27 from 5 p.m. ET on July 12.
As of June 26, the company said it obtained tenders from holders of $125.726 million of El Pollo's 11¾% senior notes due 2013 and 100% of EPL's $39.342 million of 14½% senior discount notes due 2014.
By the consent deadline of May 30, the company received the required tenders to amend the note indentures. Holders had tendered with consents $124.726 million or 99.93% of El Pollo's 11¾% notes and 100% of EPL's 14½% notes.
The companies 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.
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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