Pyxus launches offer to exchange debt for shares and new debt
PYYX•Pyxus International launched an offer to exchange $148.34 million of 8.50% senior secured notes due 2027 for common stock and new floating-rate senior secured notes. Holders tendering by November 24 receive $344.37 in stock and $675.90 in new-note principal per $1,000 tendered; settlement is expected December 15, subject to a 99% participation condition.
1. Exchange offer terms
Pyxus International launched an offer to exchange $148.34 million of its 8.50% senior secured notes due 2027 for common stock and new floating-rate senior secured notes. For each $1,000 principal tendered by November 24, 2026, holders receive $344.37 in stock, valued at $3.25 per share, and $675.90 principal of new notes. Tenders through December 10 receive $327.15 in stock and $642.11 principal of new notes per $1,000 tendered. Settlement is expected December 15, and closing requires 99% participation across the Existing Notes, Pyxus Term Loans and Intabex Term Loans, subject to waiver or adjustment.
