Exela Technologies, Inc.: debt financing — Exela issues $1.082B in 11.5% senior secured notes due 2026, exchanges old notes and term loans

Exela Technologies, Inc.

Issued $1,082M aggregate principal of 11.500% First-Priority Senior Secured Notes due April 15, 2026.
Interest payable semi-annually; PIK interest for certain periods, cash payments subject to $15M unrestricted cash floor.
Exchanged remaining ~$5M third-party 2023 Term Loans and ~$14M affiliate 2023 Term Loans and $14M affiliate 2023 Notes for New Notes.
Old Notes reduced to ~$24M outstanding; seventh supplemental indenture released collateral and eliminated most restrictive covenants on Old Notes.
Covenants limit incurrence of debt, dividends, asset sales, mergers; change-of-control repurchase at 101% of principal.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Exela Technologies, Inc. incurred senior notes of approximately $1,082 million aggregate principal amount with U.S. Bank Trust Company, National Association at 11.500% per annum maturing April 15, 2026.

Instrument: senior notes
Principal: approximately $1,082 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 11.500% per annum
Maturity: April 15, 2026
Event: incurrence

Exact text from the filing

New Notes Indenture ”) governing the Issuers’ 11.500% First-Priority Senior Secured Notes due 2026 (the “ New Notes ”). As previously announced, on the Issue Date, approximately $1,082 million aggregate principal amount of the New Notes were issued (or $768 million aggregate principal amount excluding amounts held by affiliates of the Company), which includes (i) New

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Exela Technologies, Inc. entered into New Notes Indenture with U.S. Bank Trust Company, National Association valued at 11.500% First-Priority Senior Secured Notes due 2026; approximately $1,082 million aggregate princip (effective 2023-07-11).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: 11.500% First-Priority Senior Secured Notes due 2026; approximately $1,082 million aggregate princip
Effective: 2023-07-11

Exact text from the filing

On July 11, 2023 (the “ Issue Date ”), Exela Intermediate LLC (the “ Company ”), a wholly-owned subsidiary of Exela Technologies, Inc., (“ Parent ”), and Exela Finance Inc., a wholly-owned subsidiary of Parent (the “ Co-Issuer ” and, together with the Company, the “ Issuers ”), the guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “ New Notes Trustee ”), entered into an indenture (the “ New Notes Indenture ”) governing the Issuers’ 11.500% First-Priority Senior Secured Notes due 2026 (the “ New Notes ”).

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Source: SEC EDGAR

accession 0001104659-23-081646

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