Pyxus International's wholly-owned subsidiary, Pyxus Holdings, has launched a private tender offer to exchange all outstanding 2024 secured notes, which carry a 10% interest rate, for an equivalent amount of 2027 secured notes with an 8.5% interest rate.
According to reports, Pyxus Corporation's primary business is the supply of tobacco. This involves sourcing, processing, packaging, storing and transporting tobacco to manufacturers of cigarettes and other tobacco-based consumer products worldwide. They also provide high-quality products to the electronic nicotine delivery system, industrial hemp and legal cannabis industries.
Through an exchange offer, the issuer is seeking the consent of existing note holders to modify various contracts and security documents between the issuer, guarantor, trustee which is the National Association Wilmington Trust, and existing note and related creditors, including removing certain restrictive and affirmative covenants applicable to the existing notes, eliminating changes in the control purchase obligation in the existing note agreement and existing notes, and subordinating the payment rights of the existing notes to the issuer's existing and future senior debts, including new notes, new term loans, existing term loans, and ABL credit agreement.
Earlier, Pyxus announced that it had reached an agreement with its creditors.
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