Financing ·
Pyxus agrees to exchange up to $300M debt for equity at $3.25 and new notes due 2031
PYYXPyxus International, Inc.
Pyxus International entered into a Transaction Support Agreement with creditors holding approximately 74.9% of its Pyxus Term Loans, 67.9% of Intabex Term Loans, and 56.0% of its 8.50% Senior Secured Notes due 2027. The company intends to commence exchange transactions offering holders the opportunity to convert their debt into new senior secured notes due December 31, 2031, and common stock valued at $344.37 per $1,000 of principal exchanged at a price of $3.25 per share. Additionally, Pyxus plans a private equity offering of up to $85 million at $2.50 per share to fund cash consideration for Intabex lenders and pay transaction fees. The transactions are expected to close by December 15, 2026, subject to customary conditions including minimum participation thresholds.