Pool Supplier Leslie’s Debt Slumps on Third-Quarter Revenue Drop

Leslie’s Inc.’s term loan was quoted lower after the swimming pool supplies retailer reported preliminary results that showed a roughly 12% year-over-year quarterly revenue drop, according to people with knowledge of the matter.

• Its more-than $750 million term loan due in 2028 was quoted at 51 cents on the dollar Tuesday, down from 67 cents on Monday, according to broker runs seen by Bloomberg News
• Leslie’s estimates $500 million of revenue in its third-quarter that ended June 28, according to a statement outlining the preliminary results
• Leslie’s is expecting $79 million to $82 million of adjusted earnings before interest, ...