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Leslie's Poolmart investors tender $155.86 million 7¾% notes due 2013
By Devika Patel
Knoxville, Tenn., Dec. 15 - Leslie's Poolmart, Inc.'s investors tendered $155.862 million of the company's 7¾% senior notes due 2013 as part of a cash purchase offer and consent solicitation for all $163.8 million of the notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The offer launched on Nov. 10 and expired at 11:59 p.m. ET on Nov. 29.
As of 5 p.m. ET on Nov. 9, the company said previously, investors tendered $155.46 million, or 94.9% of the notes. Leslie's said at the time, it received enough consents to approve the amendments and that it intended to enter into a supplemental indenture "as promptly as practicable."
The company will pay $1,021.88 for each $1,000 of notes, 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 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, 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 at 101.938 plus accrued interest up to, but not including, the redemption date. As of Feb. 1, the notes are redeemable at par plus accrued interest.
Global Bondholder Services Corp. (866 924-2200) was the information agent. Bank of America Merrill Lynch (888 292-0070 and collect 646 855-3401) was 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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