Pyxus International is seeking to restructure $148.3 million in debt through an exchange offer expiring December 10, 2026, which includes a consent solicitation to strip restrictive covenants and release collateral from its 2027 notes.
Pyxus is exchanging its $148,338,952 of 8.50% Senior Secured Notes due 2027 into common stock at $3.25 per share plus new floating rate notes, in an offer launched November 10, 2026 and expiring December 10, 2026. For equity holders this cuts near-term debt and covenant pressure but adds new shares at $3.25, so dilution and balance-sheet relief roughly offset. The offer also subordinates the existing notes and releases their collateral, signaling a negotiated distressed restructuring rather than a default.
Pyxus International has commenced a private exchange offer for its $148,338,952 in 8.50% Senior Secured Notes due 2027. The company is offering a combination of common stock at $3.25 per share and new floating rate senior secured notes to participating holders, with the deal contingent on reaching a Minimum Participation Condition and consent thresholds by December 10, 2026.
Holders of the 8.50% notes due 2027 can swap each $1,000 of notes for $344.37 of stock at $3.25 per share plus $675.90 of new floating rate notes if they tender by November 24, 2026. That creates new shares and dilutes existing holders, but also reduces pressure from the 2027 notes and strips restrictive covenants.
No. It depends on reaching majority consent for amendments, consent from 66 2/3% of the outstanding notes, satisfaction of a Minimum Participation Condition and concurrent Exchange Transactions, with expiry on December 10, 2026.