Pyxus International Inc.
05/13/2025 | Press release | Distributed by Public on 05/13/2025 14:31
Material Agreement (Form 8-K)
| Item 1.01 | Entry into a Material Definitive Agreement |
On May 12, 2025, Pyxus Holdings, Inc. ("Pyxus Holdings"), a wholly owned subsidiary of Pyxus International, Inc. (the "Company"), certain subsidiaries of Pyxus Holdings (together with Pyxus Holdings, the "Borrowers"), and the Company, the Company's wholly owned subsidiary, Pyxus Parent, Inc. and certain other subsidiaries of Pyxus Holdings, as guarantors, entered into a Fourth Amendment to ABL Credit Agreement dated as of May 12, 2025 (the "ABL Amendment") to amend the ABL Credit Agreement (as previously amended, the "ABL Credit Agreement"), dated as of February 8, 2022, by and among Pyxus Holdings, as Borrower Agent, the Borrowers and parent guarantors party thereto, the lenders party thereto, and PNC Bank, National Association, as Administrative Agent and Collateral Agent. The ABL Amendment:
•increases the stated amount of the asset-based revolving credit facility (the "Credit Facility") established by the ABL Credit Agreement by $30.0 million from $120.0 million to $150.0 million;
•reduces the margin for the interest rate by 25 basis points per annum from 300 basis points to 275 basis points, eliminates SOFR adjustment charge, and reduces the commitment fee for the unused amounts of the Credit Facility by 12.5 basis points per annum when the outstanding borrowings are less than 50% of the Credit Facility;
•extends the maturity date of the Credit Facility to the earlier of (i) May 12, 2030 and (ii) the date that is 90 days prior to the earliest stated maturity date under (A) the Pyxus Term Loan Credit Agreement, dated as of February 6, 2023, by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Alter Domus (US) LLC, as administrative agent and senior collateral agent, (B) the Intabex Term Loan Credit Agreement, dated as of February 6, 2023, by and among, amongst others, Pyxus Holdings, Intabex Netherlands B.V., certain lenders party thereto and Alter Domus (US) LLC, as administrative agent and senior collateral agent, (C) the Indenture, dated as of February 6, 2023, among Pyxus Holdings, the initial guarantors party thereto, Wilmington Trust, National Association, as trustee, registrar and paying agent, and Alter Domus (US) LLC, as collateral agent, and (D) any indebtedness that refinances any of the foregoing; and
•makes certain other changes to the ABL Credit Agreement.
The description of the ABL Amendment set forth herein is qualified in its entirety by reference to the text of the ABL Amendment, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
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