Pyxus offers to swap $148.3M of 8.50% notes due 2027 for stock at $3.25 plus new floating-rate notes

PYXUS INTERNATIONAL, INC.

• Early-tender holders get $344.37 of stock at $3.25/share plus $675.90 of new floating-rate senior secured notes per $1,000; later tenders get $327.15 plus $642.11.
• Consent solicitation would strip most restrictive covenants, remove the change-of-control repurchase right, eliminate certain defaults and release all collateral securing the notes.
• $148,338,952 of 8.50% notes due 2027 outstanding; early tender deadline Nov 24, 2026, expiration Dec 10, 2026, settlement expected Dec 15, 2026.
• Supporting holders incl. Glendon, Owl Creek, Park West hold ~67.9% of Intabex Term Loans, ~74.9% of Pyxus Term Loans and ~56.0% of Existing Notes under a Nov 5, 2026 support pact.
• Deal needs consents from holders of at least 99% of each of the notes and the Pyxus and Intabex term loans; threshold may be cut to 97% for notes held by non-eligible holders.