Leslie's, Inc. (LESL) Form 8-K — Oct 5, 2026
Leslie's, Inc. and nine subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas on September 30, 2026, to implement a pre-arranged plan of reorganization under a restructuring support agreement with its term loan lenders. On October 2, 2026, the company entered into DIP financing: a $90.0 million super-priority term loan facility (SOFR + 6.50%, with $45 million drawn at closing) and a $225.0 million ABL DIP revolving facility (SOFR + 3.25%), each maturing six months out, with a 9.50% upfront premium on the term loan DIP.
Key figures
- Debt Amount
- 90000000
- Interest Rate
- SOFR + 6.50% (Term Loan DIP); SOFR + 3.25% (ABL DIP)
- Maturity Date
- Six months from October 2, 2026
- Petition date
- September 30, 2026
- Dip upfront premium
- 9.50%
- Dip term loan facility
- $90.0 million
- Nasdaq trading suspension
- October 6, 2026
- Abl dip facility commitments
- $225.0 million
- Interim dip term loans drawn
- $45.0 million
- Prepetition abl letters of credit
- approximately $11.145 million
- Prepetition abl revolver outstanding
- approximately $50 million
AI analysis
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