El Pollo Loco to get equity infusion to pay off 14½% discount notes

By Toni Weeks

San Diego, April 6 - El Pollo Loco, Inc.'s parent company, EPL Intermediate, Inc., announced in a press release that it intends to pay in full the mandatory principal redemption amount of its 14 ½% senior discount notes at maturity with an equity infusion from Chicken Acquisition Corp., EPL's parent company.

The notes come due on May 15.

Commenting in the release about the upcoming redemption, El Pollo Loco president and chief executive officer Steve Sather said: "As the economy continues to show signs of recovery and our business stabilizes, we are energized by the momentum under way as we align our entire system around a brand revitalization platform that is focused on quality, service and cleanliness; craveable menu items anchored by our signature flame-grilled chicken; compelling advertising; and a system-wide restaurant redesign and remodel program."

El Pollo Loco, based in Costa Mesa, Calif., operates more than 400 restaurants in 10 states.

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