TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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February 10, 2022
Source: PR Newswire
MORRISVILLE, N.C., Feb. 10, 2022 /PRNewswire/ -- Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus" or the "Company"), a global value-added agricultural company, is pleased to announce it has entered into a $100 million asset-based lending (ABL) credit facility with PNC Bank effective February 8, 2022. The agreement with PNC replaces the Company's preexisting $75 million ABL credit facility, which was due to mature in February 2023.
The new ABL credit facility with PNC provides Pyxus with an extended maturity date, increases potential borrowing availability – from $75 million, per the previous agreement, to $100 million – and includes a $20 million uncommitted accordion feature, which permits Pyxus, under certain circumstances, to solicit lenders to increase the facility up to $120 million. Additionally, the new facility offers reduced pricing through a Bloomberg-Short-Term Bank Yield Index (BYSB) interest rate plus 300 basis points, down from the preexisting ABL facility's London Interbank Offered Rate (LIBOR) interest rate plus 475 basis points.
"This agreement is the result of strategic measures taken by our Company to address liquidity."
"We are pleased to announce our new ABL credit facility with PNC Bank and look forward to developing a long-standing relationship," said Flavia Landsberg, Pyxus' Executive Vice President and Chief Financial Officer. "This agreement is the result of strategic measures taken by our Company to address liquidity. It supports the execution of our future growth and strengthens our business' financial partnerships and relationships."
About Pyxus International, Inc.
Pyxus International, Inc. is a global agricultural company with more than 145 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.