Pyxus holders tender 92.7% of 2024 notes for exchange into 2027 notes

By Marisa Wong

Los Angeles, Feb. 3 – Pyxus International, Inc.’s wholly owned subsidiary, Pyxus Holdings, Inc., announced the expiration and final results of its Jan. 5 exchange offer and consent solicitation relating to its $280,843,751 of outstanding 10% senior secured first-lien notes due 2024 (Cusip: 747328AA0).

As of the expiration of the offer at 11:59 p.m. ET on Feb. 2, holders had tendered $260,452,340, or 92.74%, of the 2024 notes for exchange.

Pyxus Holdings was offering to exchange any and all of its 2024 notes for an equal principal amount of new 8½% senior secured notes due Dec. 31, 2027.

The issuer also solicited consents to amend the note indenture, dated Aug. 24, 2020, to eliminate most of the restrictive covenants and some of the affirmative covenants, eliminate the change-of-control repurchase obligation in the existing notes indenture, subordinate the existing notes in right of payment to existing and future senior indebtedness, eliminate some events of default and release all of the collateral securing the existing notes.

The issuer needed to receive consents from holders representing a majority of the existing notes for the adoption of the proposed amendments and from holders of 66 2/3% of the existing notes to effect the collateral release.

Because the issuer has received the required consents under the consent solicitation, the issuer will execute a supplemental indenture on the settlement date of the exchange offer, which will be Feb. 6.

Ipreo LLC (212 849-3880 or 888 593-9546 or ipreo-exchangeoffer@ihsmarkit.com) is the exchange agent and information agent.

Pyxus is a Morrisville, N.C.-based global agricultural company.

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