Investment Agreement: Buyout specialist Kohlberg, Kravis Roberts...

Investment Agreement: Buyout specialist Kohlberg, Kravis Roberts & Co. said Wednesday that it will invest $300 million in food-services giant TW Holdings, which owns the Irvine-based El Pollo Loco restaurant chain.

Under terms of a recapitalization agreement, TW, based in Spartanburg, S.C., will restructure about $1 billion in high-cost debt, retiring some junk bonds but replacing the majority with lower-interest securities.

Once the deal is completed, KKR, based in New York, will own about 47% of TW, the corporate parent of TW Services Inc. In addition to El Pollo Loco--a fast-food company that serves charbroiled chicken--TW Services runs the Denny’s, Hardee’s and Quincy’s restaurant chains, and Canteen, a catering service that operates cafeterias for businesses, universities and other institutions.