Pyxus International, Inc., a global value-added agricultural company, announced that its wholly-owned subsidiary Pyxus Holdings, Inc.previously announced private offer to exchange any and all of the Issuer’s outstanding 10.00% Senior Secured First Lien Notes due 2024 for an equal principal amount of new 8.50% Senior Secured Notes due 2027 to be issued by the Issuer and the related solicitation of consents from holders of the Existing Notes with respect to the indenture governing the Existing Notes.
As of the Expiration Date, based on information received from Ipreo LLC, the Information Agent for the Exchange Offer and the Consent Solicitation, $260,452,340 in aggregate principal amount of Existing Notes, representing 92.74% of the aggregate principal amount outstanding, had been validly tendered and not validly withdrawn.
Also Read: Agtonomy Unveils Groundbreaking TeleFarmer™ Solution for Specialty Crop Farmers
The settlement date for the Exchange Offer and the Consent Solicitation is expected to occur on February 6, 2023 , which is the second business day following the Expiration Date. On the Settlement Date, subject to the satisfaction or waiver of the conditions of the Exchange Offer described in the Offering Memorandum , Eligible Holders who validly tendered their Existing Notes that are accepted for exchange by the Issuer will receive an equal principal amount of New Notes and cash representing accrued and unpaid interest on such Existing Notes to, but not including, the Settlement Date.
In addition, because the Issuer received requisite Consents in the Consent Solicitation, the Issuer, the guarantors and Wilmington Trust, National Association will execute a supplemental indenture on the Settlement Date to amend the indenture governing the Existing Notes to, among other things, eliminate substantially all of the covenants, certain events of default and certain other provisions and release all of the collateral securing the Existing Notes, as described in the Offering Memorandum. The Existing Notes Supplemental Indenture will be binding on all holders of Existing Notes that are not tendered or accepted in the Exchange Offer.
SOURCE: PR Newswire