Pyxus International, a global value-added agricultural company, entered into a $100 million asset-based lending credit facility with PNC Bank, effective Feb. 8.
Pyxus completed its financial restructuring, which includes a $213 million exit term loan and a $75 million exit asset based revolving facility. Glendon Capital Management and Monarch Alternative Capital are leading the investment in Pyxus’ exit term loan facility.
Sound Point Capital will provide Pyxus International with a bankruptcy court-approved $75 million revolving credit facility upon the effective date of a prepackaged plan of reorganization between Pyxus and its affiliated debtors.
Lazard and RPA Advisors are serving as financial advisors to Pyxus International, which filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code and secured commitments for $206.7 million in debtor-in-possession financing.