Leslie's Poolmart exchanges $60 million notes, to repurchase remainder

New York, May 21 - Leslie's Poolmart, Inc. said it completed its exchange for its 10.375% senior subordinated notes due 2004, swapping $60 million of the notes for a similar amount of new 10.375% senior subordinated notes due 2008.

The Phoenix specialty retailer said it plans to repurchase the remaining $30 million of the old notes in July at par. The repurchase will be funded from cash flow from operations and the company's working capital facility.

"We are extremely pleased to have completed this refinancing event," stated Lawrence H. Hayward, president and chief executive officer, in a news release. "With the company's long-term debt position solidified for the next five years, we will have tremendous flexibility as we pursue other company growth opportunities."

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