Leslie's Poolmart receives consents to amend 10 3/8% notes

New York, Jan. 6 - Leslie's Poolmart, Inc. said it has received the necessary consents to amend the indenture of its 10 3/8% senior notes due 2008.

By the consent deadline, the company had received tenders and consents for $40.3 million principal amount or 66.7% of the notes.

The amendments will become operative when the notes are accepted for payment.

Withdrawal rights have expired.

Leslie's announced the tender and consent solicitation on Dec. 23.

For each $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Jan. 7, the company is offering the present value on the initial payment date of $1,025.94, the redemption price on the first call date of July 15, 2005, plus the present value of the interest from the last interest payment date up to redemption date, determined using a fixed spread of 50 basis points over the bid-side yield on the price determination date of the 1 1/8% U.S. Treasury note due June 30, 2005, minus accrued interest from the last interest payment date up to but not including the initial payment date.

Leslie's will also pay accrued interest from the last interest payment date to but not including the applicable settlement date.

The price determination date will be 2 p.m. ET on Jan. 19 unless the tender is extended in which case it will be no later than the 10th business day before the expiration date.

The expiration date was set at 5 p.m. ET on Feb. 2.

In connection with the tender offer, the Phoenix retailer of swimming pool supplies is also soliciting consents to amend the note indenture to eliminate substantially all the restrictive covenants and certain events of default. The total consideration includes a $30 per $1,000 principal amount consent payment to holders who tender and deliver consents by the consent deadline. Holders who tender after the deadline will receive the total less the consent payment.

Holders may not tender without delivering consents or deliver consents without tendering.

Leslie's plans to use proceeds from a debt financing to fund the offer.

Global Bondholder Services Corp. is the information agent (866 794-2200 or call collect 212 430-3774). Banc of America Securities LLC is dealer manager and solicitation agent (contact High Yield Special Products at 888 292-0070 or call collect 704 388-9217).

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