EPL Intermediate eyes debt refinancing, still slates payment on 14½% notes for May 15

By Jennifer Chiou

New York, May 10 - EPL Intermediate, Inc., the parent company for El Pollo Loco Inc., announced that it will fund the mandatory principal redemption on its 14½% senior discount notes due Nov. 15, 2014 mostly through an equity infusion from Chicken Acquisition Corp., the company's ultimate parent.

The company added in its financial report for the 13 weeks ended March 30 that it is starting to explore alternatives through a variety of sources to opportunistically refinance its existing debt.

EPL announced the $10,144,000 mandatory principal redemption for the notes on April 14.

As already stated, the redemption price of 104.5 plus accrued interest will be paid on May 15. The notes will be redeemed on a pro rata basis.

The Costa Mesa, Calif.-based company operates a quick-service chicken restaurant chain with more than 400 restaurants in 10 states.

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