secwatch.observer — SEC 8-K summary
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Issuer:     Leslie's, Inc. (LESL)
CIK:        0001821806
Form:       8-K
Filed at:   2026-09-30T18:10:59+00:00
Accession:  0001193125-26-408874
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 1.03, 2.04, 2.05, 2.06, 3.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Leslie's files pre-arranged Chapter 11; 76 stores closed, Nasdaq trading suspended Oct 6
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- Leslie's and nine subsidiaries filed pre-arranged Chapter 11 in the Southern District of Texas on Sept 30, 2026; RSA signed with lenders holding ~81.1% of prepetition term loans.
- $90.0M Term Loan DIP at SOFR+3.25% and $225.0M ABL DIP at SOFR+6.50%, each maturing six months from the Petition Date; $45.0M of the term DIP funds at interim order.
- $60.0M equity private placement buys 55.80% of New Common Equity; term loan holders get 10% and DIP conversion 30%; all existing LESL shares cancelled for no consideration.
- Prepetition debt of ~$756.65M term loan and ~$50M ABL is immediately due; 76 under- or non-performing U.S. stores closed Sept 29, 2026, with charges not yet estimable.
- Nasdaq notice Sept 25, 2026: bid under $1.00 for 30 days and no cure period after a reverse split; trading suspended Oct 6, 2026, no appeal planned, OTC trading expected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/0001193125-26-408874-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/d175109d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-408874

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