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Leslie's Poolmart gets tenders, consents for 94.9% of 7¾% senior notes
By Susanna Moon
Chicago, Nov. 10 - Leslie's Poolmart, Inc. said it began a cash purchase offer and consent solicitation for its $163.8 million of outstanding 7¾% senior notes due 2013.
As of 5 p.m. ET on Nov. 9, investors tendered $155.46 million principal amount, or 94.9% of the outstanding notes.
Leslie's said it received enough consents to approve the amendments and that it intends to enter into a supplemental indenture "as promptly as practicable."
The company previously said it will pay $1,021.88 for each $1,000 principal amount, including a consent payment of $21.88, for notes tendered by the consent deadline. After that date, holders will receive par.
Holders also will receive accrued interest up to but not including the payment date.
The offer is scheduled to run until 11:59 p.m. ET on Nov. 29.
Tendered notes may be withdrawn by 5 p.m. ET on Nov. 9.
The company said the offer is part of a larger refinancing of the Poolmart and its parent company, Leslie's Holdings, Inc.
As part of the refinancing, all of the parent's company's debt will be exchanged for new debt, and Poolmart will enter into a new senior secured term credit facility and a new revolving credit facility, and it will use some of the proceeds to make a distribution to the parent company.
After completion of the offer, Poolmart said it plans to call the remaining notes.
The notes are redeemable until Jan. 31, 2011 at 101.938 plus accrued interest up to but not including the redemption date. As of Feb. 1, 2011 the notes are redeemable at par plus accrued interest.
Global Bondholder Services Corp. (866 924-2200) is the information agent. Bank of America Merrill Lynch (888 292-0070 and collect 646 855-3401) is the dealer manager and solicitation agent.
Leslie's Poolmart is a Phoenix-based retailer of swimming pool supplies and related products.
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