Leslie's, Inc. (LESL) Announces 12.5M Share Secondary Offering; 7.5M Concurrent Share Buyback
Leslie’s, Inc. (Nasdaq: LESL) today announced that certain of the Company’s non-management stockholders (the “Selling Stockholders”) intend to offer for sale in an underwritten secondary offering 12,500,000 shares of the Company’s common stock (the “Offering”). The Selling Stockholders will also grant the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock. The Selling Stockholders will receive all of the proceeds from the Offering. Leslie’s is not offering any shares of its common stock in the Offering and will not receive any proceeds from the Offering, including from any exercise by the underwriters of their option to purchase additional shares.
In addition, the Company announced that it has entered into a share repurchase agreement with the Selling Stockholders pursuant to which it intends to repurchase an aggregate of 7,500,000 shares of the Company's common stock from the Selling Stockholders (the "Share Repurchase"). The price per share to be paid by the Company will be equal to the price per share paid by the underwriters for the shares in the Offering. The Share Repurchase is expected to be consummated concurrently with the closing of the Offering. Although the Share Repurchase will be conditioned upon, among other things, the closing of the Offering, the closing of the Offering will not be conditioned upon the closing of the Share Repurchase.
Goldman Sachs & Co. LLC and Morgan Stanley are acting as the underwriters for the Offering.
An automatic shelf registration statement on Form S-3 (including a prospectus) relating to these securities became effective upon filing with the Securities and Exchange Commission. The Offering will be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the Offering, when available, can be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected]; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.