Pyxus completes exchange transactions involving notes, loans

By Wendy Van Sickle

Columbus, Ohio, Feb. 6 – Pyxus International, Inc. and some subsidiaries including Pyxus Holdings, Inc. completed its previously announced exchange transactions, according to a news release on Monday.

In additional to the previously announced exchange of 92.7% of Pyxus Holdings' outstanding senior secured notes for new 8˝% senior secured notes due Dec. 31, 2027, the transactions included the exchange of 100% of the loans outstanding under the term loan facility of the company’s Dutch subsidiary for new senior secured term loans due Dec. 31, 2027; the exchange of all of the loans outstanding under Pyxus Holdings' exit term loan facility for new senior secured term loans due Dec. 31, 2027; and the amendment of the credit agreement governing the company's asset-based revolver, which permitted the exchange transactions and modified certain covenants to be substantially consistent with those governing the new loans.

The indenture governing the existing notes was also amended to eliminate substantially all covenants, certain events of default and some other provisions.

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

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