Business
Pyxus Upsizes Asset-Based Lending Facility with PNC Bank
Pyxus Upsizes Asset-Based Lending Facility with PNC Bank.
About this update from Pyxus International, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Pyxus Upsizes Asset-Based Lending Facility with PNC Bank\r\n \r\n \r\n\r\n\r\nPyxus Upsizes Asset-Based Lending Facility with PNC Bank\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nMORRISVILLE, N.C., May 13, 2025 /PRNewswire/ -- Pyxus International, Inc. (OTC Pink: PYYX) (\"Pyxus\" or the \"Company\"), a global value-added agricultural company, is pleased to announce the amendment of its asset-based lending (ABL) credit facility with PNC Bank, which was initially established February 8, 2022. As part of the amendment, the Company will have access to increased borrowing availability, lower interest rates and fees in the credit agreement, and an extended maturity date.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\n\"The successful completion of the new ABL facility highlights the strength of our partnership with PNC and demonstrates our continued progress in enhancing our credit profile,\" said Dustin Styons, Pyxus' interim CFO. \"These amendments further strengthen our capital structure, increase our financial and operational flexibility, and reinforce our commitment to maintaining a disciplined and strategic approach to credit improvement.\"\r\nThe amended agreement provides Pyxus with access to an additional $30 million of funding, increasing the committed facility size to $150 million. It also reduces the interest rate margin by 25 basis points annually, from 300 basis points to 275 basis points, as well as reducing or eliminating several other fees in the credit agreement.\r\nAbout Pyxus International, Inc.\r\nPyxus International, Inc. (\"Pyxus\" or the \"Company\") is a global agricultural company with more than 150 years of 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, 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.\r\nCautionary Statement Regarding Forward-Looking Statements\r\nReaders are cautioned that the statements contained in this report regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are \"forward-looking statements\" as d...