Pyxus upsizes asset-based lending facility with PNC Bank

Pyxus International, Inc. (Pyxus), a global value-added agricultural company, has announced 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, Pyxus will have access to increased borrowing availability, lower interest rates and fees in the credit agreement, and an extended maturity date.

“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.”

The amended agreement provides Pyxus with access to an additional US$30m of funding, increasing the committed facility size to US$150m. 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.

About Pyxus International, Inc.
Pyxus International, Inc. (Pyxus) 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.

Source: Pyxus