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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
El Pollo Loco, parent tender for any and all 11¾% notes, 14½% notes
By Jennifer Chiou
New York, June 6 - El Pollo Loco, Inc. and parent company EPL Intermediate, Inc. announced the launch of a cash tender offer for any and all of El Pollo Loco's 11¾% senior notes due 2012 and 2013 as well as any and all of EPL's 14½% senior discount notes due 2014.
The offer will wrap on midnight ET on July 1.
The companies are also soliciting consents to amend the note indentures.
For each $1,000 principal amount, holders who validly tender their notes prior to 5 p.m. ET on June 17 will receive a total consideration equal to $1,062.50 for the 2012 notes, $1,033.13 for the 2013 notes and $1,048.75 for the 14½% notes, including consent payment of $30.00.
The issuers will also pay accrued interest.
The companies said that they will execute a supplemental indenture after receiving consents from holders of at least 66 2/3% of the 11¾% notes due 2012 and a majority of the 11¾% notes due 2013 and the 14½% notes.
The offer is contingent on the receipt of the required consents as well as proceeds from a new debt financing.
Holders may not deliver consents without tendering their notes and vice versa.
Jefferies & Co., Inc. is the dealer manager and solicitation agent (888 708-5831 or call collect 203 363-8273). i-Deal LLC is the information agent (888 593-9546).
El Pollo Loco is a Costa Mesa, Calif.-based restaurant operator.
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