Pyxus Announces Successful Completion of Previously Announced Exchange Transactions
February 06, 2023 at 05:05 pm EST
Share
Pyxus International, Inc. announced that the Company and certain of its subsidiaries, including Pyxus Holdings, Inc. ("Pyxus Holdings"), successfully completed the previously announced exchange transactions, including: the exchange of 100% of the loans outstanding under the term loan facility of the Company's Dutch subsidiary for new senior secured term loans due December 31, 2027 with Pyxus Holdings as the borrower and such subsidiary as a guarantor; the exchange of 100% of the loans outstanding under Pyxus Holdings' exit term loan facility for new senior secured term loans due December 31, 2027 with Pyxus Holdings as the borrower and New Intabex Loans; the exchange of approximately 92.7% of Pyxus Holdings' outstanding senior secured notes for new 8.50% Senior Secured Notes due December 31, 2027 issued by Pyxus Holdings; the entry into a supplement to the indenture governing the Existing Notes, which eliminated substantially all of the covenants, certain events of default and certain other provisions thereunder, and released all of the collateral securing the Existing Notes; and the amendment of the credit agreement governing the Company's asset-based revolving credit facility, which permitted the Exchange Transactions and modified certain covenants to be substantially consistent with those governing the New Intabex Loans, the New Pyxus Loans and the New Notes.
Pyxus International, Inc. is an agricultural company. The Company is a provider of sustainable and traceable products and ingredients. The Company operates through its Leaf segment. Its core business includes tobacco leaf merchant business, purchasing, processing, packing, storing and shipping tobacco to manufacturers of cigarettes and other consumer tobacco products around the world. Its leaf tobacco operations deal primarily in flue-cured, burley, and oriental tobaccos that are used in international cigarette brands. It processes tobacco in Company-owned and third-party facilities around the world, including in Argentina, Brazil, China, Guatemala, India, Indonesia, Jordan, Macedonia, Malawi, Tanzania, Thailand, Turkey, United States, and Zimbabwe. Throughout the entire production process, from seed through processing and final shipment, its SENTRI traceability platform provides clear visibility into how products are produced throughout the supply chain, supporting product integrity.