As of June 26, 2006, El Pollo Loco had received tenders and consents for $125,726,000 in aggregate principal amount of the 11 3/4 percent notes, representing 100 of the outstanding 11 3/4 percent notes and Intermediate had received tenders and consents for $39,342,000 in principal amount at maturity of the 14 1/2 percent notes, representing 100 percent of the outstanding 14 1/2 percent notes.
As previously announced, the requisite consents to adopt the proposed amendments to the indentures governing the Notes have been received, and supplemental indentures to effect the proposed amendments described in the offer to purchase and consent solicitations statement, dated May 15, 2006 (the "Offer to Purchase") have been executed. However, the amendments will not become operative until the notes are accepted for payment pursuant to the terms of the offer.
The offer is subject to the satisfaction of certain conditions, including consummation of the Common Stock Offering (as defined in the Offer to Purchase), El Pollo Loco entering into a new credit facility, a requisite consent condition, minimum tender condition, condition that each of the Offers be consummated and that each of El Pollo Loco and Intermediate receives consents from a majority of holders of each of the 11 3/4% Notes and the 14 1/2% Notes and other general conditions.
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