Pyxus subsidiary commences exchange offer for 10% notes due 2024 to new 8.5% notes due 2027

PYXUS INTERNATIONAL, INC.

Pyxus Holdings offers to exchange all $280.8M outstanding 10% Senior Secured First Lien Notes due 2024 for new 8.5% Senior Secured Notes due 2027 at par.
Consent solicitation seeks to eliminate most covenants, subordinate existing notes, and release collateral; bind non-participating holders.
Support Agreement holders (64.1% of existing notes, 99.7% DDTL, 68.1% term loans) have agreed to tender and consent.
Exchange Offer expires Feb 2, 2023; settlement expected Feb 6, 2023.
New notes mature Dec 31, 2027, interest payable semi-annually at 8.5% per annum.

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