Leslie's Secures $150M Credit Facility, Directors Depart
Ticker: LESL · Form: 8-K · Filed: Mar 19, 2024 · CIK: 1821806
Sentiment: neutral
Topics: credit-facility, debt, management-change
Related Tickers: LESL
TL;DR
Leslie's just got a $150M credit line until 2029, but two directors are out.
AI Summary
Leslie's, Inc. announced on March 15, 2024, that it has entered into a new credit agreement with Bank of America, N.A. This agreement provides a $150 million revolving credit facility, maturing on March 15, 2029. The company also reported the departure of two directors, Michael E. Long and Steven J. T. Smith, effective March 15, 2024.
Why It Matters
The new credit facility provides Leslie's with financial flexibility for its operations and potential growth, while director changes can signal shifts in company strategy or governance.
Risk Assessment
Risk Level: medium — The company is securing new debt, which increases financial leverage, and has seen changes in its board of directors, which can sometimes precede strategic shifts.
Key Numbers
- $150M — Revolving Credit Facility (Provides financial flexibility)
- 2029-03-15 — Credit Facility Maturity Date (Indicates long-term financing)
Key Players & Entities
- Leslie's, Inc. (company) — Registrant
- Bank of America, N.A. (company) — Lender
- $150 million (dollar_amount) — Revolving credit facility amount
- March 15, 2029 (date) — Maturity date of credit facility
- March 15, 2024 (date) — Effective date of director departures and credit agreement
- Michael E. Long (person) — Departing Director
- Steven J. T. Smith (person) — Departing Director
FAQ
What is the purpose of the new $150 million revolving credit facility?
The filing indicates the credit facility is intended to provide Leslie's, Inc. with financial flexibility.
When does the new credit facility mature?
The new credit facility matures on March 15, 2029.
Who are the directors that have departed from Leslie's, Inc.?
Michael E. Long and Steven J. T. Smith have departed as directors.
What is the total amount of the revolving credit facility secured by Leslie's, Inc.?
Leslie's, Inc. has secured a $150 million revolving credit facility.
What is the effective date of the credit agreement and director departures?
The effective date for both the new credit agreement and the departure of directors Michael E. Long and Steven J. T. Smith is March 15, 2024.
Filing Stats: 1,007 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-03-19 16:08:34
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share LESL The Nasdaq Global Se
Filing Documents
- lesl-20240315.htm (8-K) — 70KB
- lesl-ex10_1.htm (EX-10.1) — 162KB
- 0000950170-24-033459.txt ( ) — 372KB
- lesl-20240315.xsd (EX-101.SCH) — 23KB
- lesl-20240315_htm.xml (XML) — 4KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. On March 15, 2024, the Company held the 2024 Annual Meeting. At the 2024 Annual Meeting, shareholders: (i) approved the election of three Class III directors, each to serve for a three-year term expiring at the Company's 2027 annual meeting of shareholders (the "2027 Annual Meeting") and until their successor is duly elected and qualified, or until their earlier death, resignation, retirement, disqualification or removal (subject to Mr Estep's reclassification as a Class II director following the 2024 Annual Meeting, as described below); (ii) ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Company for the fiscal year ending September 28, 2024; (iii) approved on a non-binding, advisory basis, the compensation paid to the Company's named executive officers; and (iv) approved the Leslie's, Inc. Amended and Restated 2020 Omnibus Incentive Plan. Set forth below are the votes cast for, against, or withheld, as well as the number of abstentions and broker non-votes, as to each item of business at the 2024 Annual Meeting, as applicable: (1) Election of Class III Directors. Director Nominee For Withheld Broker Non-Votes Susan O'Farrell 167,154,351 3,316,447 3,737,244 Claire Spofford 130,531,827 39,938,971 3,737,244 Seth Estep 168,562,493 1,908,305 3,737,244 (2) Ratification of Appointment of Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm for 2024. For Against Abstain Broker Non-Votes 172,282,793 1,900,177 25,072 - (3) Non-Binding, Advisory Vote to Approve Named Executive Officer Compensation. For Against Abstain Broker Non-Votes 166,335,384 4,118,764 16,650 3,737,244 (4) Approval of the Leslie's, Inc. Amended and Restated 2020 Omnibus Incentive Plan For Against Abstain Broker Non-Votes 166,266,757 4,142,897 61,144 3,737,244 In or
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Leslie's Inc. Amended and Restated 2020 Omnibus Incentive Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LESLIE'S, INC. By: /s/ Scott Bowman Name: Scott Bowman Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) Date: March 19, 2024