Financing ·
Pyxus International agrees to exchange debt for stock and $85M equity offering
PYYXPyxus International, Inc.
Pyxus International entered into a Transaction Support Agreement with creditors holding approximately 74.9% of its term loans and notes, agreeing to support an upcoming debt-for-equity exchange and a private equity offering. The plan involves exchanging existing debt for new senior secured notes due December 31, 2031, and shares priced at $3.25 per share. Concurrently, the company plans a private placement of up to $85 million in common stock at $2.50 per share, with $42.5 million backstopped by creditors. The transaction includes significant premiums for participating lenders and aims to restructure Pyxus's capital structure. Pyxus International operates in the medical device industry, specializing in surgical instruments.