Leslie's, Inc.: files chapter 11 and obtains $90,000,000 DIP term loan

What happened

• The filing says Leslie's, Inc. and its subsidiaries filed voluntary petitions under chapter 11 in the United States Bankruptcy Court for the Southern District of Texas to implement a pre-arranged chapter 11 plan of reorganization. On the Petition Date the company parties entered into a restructuring support agreement (RSA) with certain consenting term loan lenders.
• On Oct 2, 2026, after interim court approval on Oct 1, 2026, the company parties entered into (i) a Term Loan DIP Credit Agreement providing a $90,000,000 senior secured super-priority debtor-in-possession term loan facility and (ii) an ABL DIP Credit Agreement providing a senior secured super-priority debtor-in-possession asset-based revolving credit facility consisting of $225,000,000 in aggregate commitments. The company borrowed $45,000,000 of the Term Loan DIP Facility (the Interim DIP Term Loans) on Oct 2, 2026.

Key details

• Term Loan DIP Facility: $90,000,000 total commitments available in two draws; $45,000,000 funded Oct 2, 2026 and an additional $45,000,000 available upon satisfaction of conditions including entry of a final order. Term loan interest at SOFR plus 6.50% per annum. Term loan lenders earn an upfront premium equal to 9.50% of funded obligations, payable in the form of term loans.
• ABL DIP Facility: $225,000,000 aggregate commitments; interest at SOFR plus 3.25% per annum; no draws under the ABL DIP Facility on Oct 2, 2026. The ABL DIP Facility has a substantially similar borrowing base calculation as the Prepetition ABL Credit Agreement.
• Prepetition ABL status: as of Oct 2, 2026, approximately $50,000,000 aggregate principal of revolving loans and approximately $11,145,000 of issued undrawn letters of credit remained outstanding under the prepetition ABL credit agreement and are subject to a dollar-for-dollar roll-up into the ABL DIP Facility on entry of the final order.
• Timing and priority: both DIP facilities mature six months from Oct 2, 2026, subject to customary milestones and earlier maturity upon the effective date of the Plan; each facility is secured by liens on substantially all assets of the company parties, with priority pools as set in the interim DIP order.
• Nasdaq notice: on Oct 5, 2026, Nasdaq notified the company of a determination to delist the company's common stock as a result of the Chapter 11 Cases. An earlier notice dated Sep 25, 2026 advised suspension for a 30-business-day bid-price deficiency; the company did not request a hearing and the filing says the company anticipates that following suspension its common stock will commence trading on a market operated by OTC Markets Group.

Why it may matter

• Items reported include Item 1.01 (entry into material definitive agreements for the Term Loan DIP Facility and ABL DIP Facility), Item 1.03 (bankruptcy or receivership—filing of voluntary chapter 11 petitions), Item 2.03 (creation of a direct financial obligation under the DIP facilities) and Item 3.01 (notice of delisting by Nasdaq). These items describe the financing arrangements, obligations and the Nasdaq delisting notice as stated in the filing. The filing does not show why the insider traded or why the company acted.