---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-081646"
form_type: "8-K"
ticker: null
cik: "0001620179"
company_name: "Exela Technologies, Inc."
filed_at: "2023-07-17T23:59:59+00:00"
generated_at: "2026-06-13T07:42:51.913593+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Exela issues $1.082B in 11.5% senior secured notes due 2026, exchanges old notes and term loans

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-081646
- form_type: 8-K
- cik: 0001620179
- company_name: Exela Technologies, Inc.
- filed_at: 2023-07-17T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1620179/000110465923081646/0001104659-23-081646-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1620179/000110465923081646/tm2321437d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-081646
- JSON: https://secwatch.observer/filing/0001104659-23-081646.json
- Plain text: https://secwatch.observer/filing/0001104659-23-081646.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1620179/000110465923081646/0001104659-23-081646-index.htm
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1620179/000110465923081646/0001104659-23-081646-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.