Pyxus signs Support Agreement to exchange 99.7% DDTL, 68% Exit loans, 64% notes for new 2027 debt

PYXUS INTERNATIONAL, INC.

Supporting holders hold 99.7% of DDTL Facility Loans, 68.1% of Exit Facility Loans, 64.1% of Existing Notes.
Exchange offers: DDTL for New Intabex Loans (SOFR+8% + 2% exit fee); Exit Loans 40% New Intabex/60% New Pyxus; Existing Notes for 8.50% Senior Secured Notes due 2027.
New Secured Debt matures Dec 31, 2027, extending maturities; interest on New Term Loans is SOFR+8% with 1.5% floor plus 0.10% credit spread.
Consents sought to amend indentures—eliminate restrictive covenants, subordinate existing debt, release collateral on Existing Notes.
Closing conditions include ABL lender consent; company expects completion before Feb 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PYXUS INTERNATIONAL, INC. entered into Support Agreement with a group of creditors (the "Supporting Holders") (effective 2022-12-27).

Action: entry
Counterparty: a group of creditors (the "Supporting Holders")
Effective: 2022-12-27

Exact text from the filing

Pyxus International, Inc. (the “Company”) and its subsidiaries Pyxus Parent, Inc. (“Pyxus Parent”) and Pyxus Holdings, Inc. (“Pyxus Holdings” and, together with the Company and Pyxus Parent, the “Holding Companies”) entered into a Support and Exchange Agreement, effective as of December 27, 2022 (as amended or supplemented, including by joinders thereto, the “Support Agreement”), with a group of creditors, including Glendon Capital Management LP, Monarch Alternative Capital LP, Nut Tree Capital Management, L.P., Intermarket Corporation and Owl Creek Asset Management, L.P. on behalf of certain funds managed by them and/or certain of their advisory clients, as applicable (collectively, the “Supporting Holders”)

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Source: SEC EDGAR

accession 0001193125-23-000826

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