Financing ·
Pyxus offers $327 of stock and $642 of new notes per $1,000 of 8.5% Senior Secured Notes due 2027
PYYXPyxus International, Inc.
Pyxus International announced a private exchange offer for its outstanding 8.50% Senior Secured Notes due 2027. Holders can tender notes for early consideration by November 24, receiving $344.37 in common stock at $3.25 per share and $675.90 in new floating rate senior secured notes. After that date but before December 10, the exchange ratio adjusts to $327.15 in equity and $642.11 in new debt per $1,000 of existing principal. The company is simultaneously soliciting consents to amend the indenture, eliminating restrictive covenants, change-of-control repurchase obligations, and collateral security while subordinating the notes to future senior indebtedness. The transaction requires consent from holders representing at least 99% of outstanding debt across multiple facilities. Pyxus International operates as a global agricultural company providing value-added products and sustainable ingredients.