By Paul A. Harris
St. Louis, March 26 - EPL Intermediate Inc., the holding company for El Pollo Loco Inc., sold $39.05 million proceeds of six-year zero-coupon senior discount notes Friday at 55.784 to yield 12½%, according to an informed source.
Price talk for the $70 million face amount offering was in the area of 12%.
Jefferies & Co. ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to fund a dividend payment to stockholders.
The Irvine, Calif.-based company operates a quick service chicken restaurant chain, predominantly in the Los Angeles area.
Issuer EPL Intermediate Inc. (holding company for El Pollo Loco Inc.)
| Face amount: | $70 million
|
| Proceeds: | $39.049 million
|
| Maturity: | March 15, 2010
|
| Security description: | Senior discount notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | Zero for life of bond
|
| Price: | 55.784
|
| Yield: | 12½%
|
| Call features: | Callable on or after March 15, 2007 at 106.250, 103.125, par on or after March 15, 2009
|
| Equity clawback | Until March 15, 2007 for 35% at 112.5
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 12% area
|
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