- Pyxus International (OTC: PYYX) has amended its asset-based lending (ABL) facility with PNC Bank, increasing the borrowing capacity by $30 million.
- The credit facility now stands at $150 million, with a reduced interest rate margin by 25 basis points.
- The amendment provides enhanced financial flexibility and strengthens the company's capital structure.
Pyxus International, Inc. (OTC: PYYX), a global agricultural company, has successfully revised its asset-based lending (ABL) facility with PNC Bank. The amendment, initially established in February 2022, introduces significant changes including an increased borrowing capacity by $30 million, elevating the total facility size to $150 million.
In addition to the increased borrowing ability, the interest rate margin has been lowered by 25 basis points, decreasing from 300 to 275 basis points annually. This amendment also includes reduced or eliminated fees associated with the credit agreement, further optimizing the company's financial structure.
Dustin Styons, the interim CFO of Pyxus, highlighted that these adjustments bolster the company's capital structure and showcase progress in enhancing its credit profile while providing greater financial and operational flexibility. These advancements underscore Pyxus' commitment to a strategic approach in credit improvement and maintaining robust financial discipline.
