El Pollo Loco 2015 Annual Report Download - page 88

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Table of Contents
EL POLLO LOCO HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
In conjunction with the October 11, 2013 refinancing of EPL’s debt, call premiums of $4.6 million were incurred in connection with the
repurchase of the 2018 Notes. In addition, the Company expensed $3.2 million of the remaining unamortized deferred finance costs and wrote
off $2.0 million of the remaining unamortized discount, associated with the Prior Senior Credit Facility. These costs were expensed and are
reflected in loss on early extinguishment of debt in the accompanying consolidated statements of operations.
Hedging Arrangements
In connection with our credit agreements, we entered into two interest rate caps with Wells Fargo Bank, N.A. The first interest rate cap is for a
notional amount of $30 million, with a cap rate of 3.00% based on 1 month USD LIBOR, terminating on December 1, 2015. The second interest
rate cap is for a notional amount of $120 million, with a cap rate of 3.00% based on 1 month USD LIBOR, terminating on December 1, 2016.
The fair value of these instruments is not material at December 31, 2015.
8. OTHER ACCRUED EXPENSES AND CURRENT LIABILITIES
Other accrued expenses and current liabilities consist of the following (in thousands):
9. OTHER NONCURRENT LIABILITIES
Other noncurrent liabilities consist of the following (in thousands):
84
December 31, 2014
December 25, 2013
Accrued sales and property taxes
$
3,918
$
3,190
Income tax receivable agreement payable
4,170
—
Gift card liability
1,535
1,378
Other
3,390
3,257
Total other accrued expenses and current liabilities
$
13,013
$
7,825
December 31, 2014
December 25, 2013
Deferred rent
$
6,204
$
6,648
Income tax receivable agreement payable
37,213
—
Other
2,730
1,396
Total noncurrent liabilities
$
46,147
$
8,044