Recent Updates — PYYX

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.

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.

Pyxus International reported second-quarter fiscal 2027 net income attributable to the company of $4.1 million, a turnaround from a $0.9 million loss in the prior year period, driven by a $9.1 million gain on the sale of its Araranguá, Brazil processing facility and favorable foreign currency impacts. Second-quarter sales declined 5.8% to $534.4 million due to shipment timing delays in Asia and shipping constraints affecting Africa and South America shipments. Adjusted EBITDA for the quarter was $43.0 million, down from $54.8 million a year ago. The company narrowed its full-year fiscal 2027 Adjusted EBITDA guidance range to $215 million–$235 million from the previous $210 million–$240 million estimate, citing improved visibility and margin expansion in Europe. Pyxus International is a global value-added agricultural company that provides responsibly sourced tobacco products and ingredients.

Pyxus International, Inc. reported first quarter fiscal 2027 results ending June 30, 2026. Sales decreased to $437.8 million from $508.8 million in the prior year period due to lower average sales prices and shipment timing shifts. The company recorded a net loss of $7.3 million compared to a $15.8 million loss previously, driven by an income tax benefit of $5.7 million. Adjusted EBITDA was $27.7 million versus $29.5 million in the prior year. Net debt decreased by $130.9 million to $1,108.7 million, with no outstanding borrowings on its $150.0 million asset-based line of credit. The company maintained full-year fiscal 2027 guidance for net sales between $2.3 billion and $2.5 billion and adjusted EBITDA between $210 million and $240 million. Pyxus International, Inc. is a global value-added agricultural company specializing in the sourcing and processing of leaf tobacco.