Exela Technologies, Inc. announced that it has extended the early tender time from 5:00 p.m., New York City time, on June 22, 2023 until 5:00 p.m, New York City time, on June 29, 2023, with respect to the previously announced exchange offer by certain of its subsidiaries for Old Notes as described in the Offering Memorandum. As of the Original Early Tender Time, approximately $955.5 million of outstanding Old Notes were tendered for exchange pursuant to the Exchange Offer and the Requisite Consents condition had been satisfied. The company expects the Initial Settlement Date for the Exchange Offer to occur promptly after the Extended Early Tender Time.
Upon settlement, Old Notes validly tendered at or prior to the Extended Early Tender Time and not validly withdrawn in accordance with the terms of the Exchange Offer will be exchanged into the Issuers' new 11.500% First- Priority Senior Secured Notes due 2026 (the "New Notes") on the basis of $800 principal amount of the New Notes for each $1,000 principal amount of outstanding Old Notes. The deadline to validly withdraw tenders of the Old Notes was not extended and expired at 5:00 p.m. New York City time, on July 7, 2023. The Exchange Offer and the Consent Solicitation will expire at 11:59 p.m. New YorkCity Time on July 7, 2023, unless extended or terminated.
The Exchange Offer and the ConsentSolicitation are being made upon the terms and conditions set forth in the confidential offering memorandum and consent solicitation statement, dated June 8, 2023. Capitalized terms used but not defined in this press release have the respective meanings ascribed to such terms in the Offering Memorandum. The Offering Memorandum will only be distributed to eligible holders of the Old Notes who complete and return an eligibility form confirming that they are either a "qualified institutional buyer" under Rule 144A under the Securities Act of 1933, as amended or not a "U.S. person" under Regulation S under the Securities Act for purposes of applicable securities laws.