Leslie's files Chapter 11; draws $45M of $90M DIP term loan; Nasdaq to delist, trading halted Oct 6

Leslie's, Inc.

Chapter 11 petitions filed Sept 30, 2026 in S.D. Texas (Case No. 26-90795); pre-arranged plan backed by consenting term loan lenders under an RSA.
DIP financing: $90M super-priority term loan (SOFR+6.50%, 9.50% upfront premium) and $225M ABL facility (SOFR+3.25%); both mature six months from Oct 2, 2026.
$45M of term DIP drawn Oct 2, 2026; no ABL DIP loans drawn; ~$50M prepetition revolver and $11.145M letters of credit outstanding, subject to creeping roll-up.
Nasdaq notice Oct 5, 2026: delisting due to Chapter 11, plus Sept 25 bid-price-below-$1 notice; trading suspended Oct 6; company did not appeal; expects OTC Markets trading.
Company warns equity holders may experience significant loss if the Plan is confirmed; trading in the securities is highly speculative.

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