Monarch Alternative Capital amends Pyxus stake

TL;DR

Monarch Capital just updated their Pyxus filing - something's brewing.

AI Summary

Monarch Alternative Capital LP, through its affiliates MDRA GP LP and Monarch GP LLC, has filed an amendment (SC 13D/A) on March 25, 2024, regarding their holdings in Pyxus International, Inc. The filing indicates a change in their beneficial ownership, though specific new dollar amounts or percentage changes are not detailed in this excerpt.

Why It Matters

This filing signals a potential shift in control or strategy for Pyxus International, Inc. as a significant investor updates its position.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or significant portfolio adjustments, warranting closer monitoring.

Key Players & Entities

• Monarch Alternative Capital LP (company) — Filing entity
• MDRA GP LP (company) — Affiliate of filing entity
• Monarch GP LLC (company) — Affiliate of filing entity
• Pyxus International, Inc. (company) — Subject company

FAQ

Key Financial Figures

• $112,113,388 — d retirement by the Issuer of (i) up to $112,113,388 in aggregate principal amount of the Is
• $10,344,887 — LC, as collateral agent, and (ii) up to $10,344,887 in aggregate principal amount of loans

Filing Documents

• m72407594a.htm (SC 13D/A) — 60KB
• m72407594b.htm (EX-7) — 41KB
• 0000899140-24-000355.txt ( ) — 103KB

Purpose of Transaction

ITEM 4. Purpose of Transaction.

of Schedule 13D

Item 4 of Schedule 13D is hereby amended and supplemented to include the following: On March 21, 2024, certain Monarch Funds (the " Holders ") and the Issuer entered into a purchase and assignment agreement (the " Debt Purchase Agreement ") providing for the purchase and retirement by the Issuer of (i) up to $112,113,388 in aggregate principal amount of the Issuer's 8.50% Senior Secured Notes due 2027 (the " Notes ") issued pursuant to that certain Indenture, dated as of February 6, 2023, by and among the Issuer, the guarantors named therein, Wilmington Trust, National Association, as trustee, and Alter Domus (US) LLC, as collateral agent, and (ii) up to $10,344,887 in aggregate principal amount of loans (the " Loans ") outstanding under the Issuer's Term Loan Credit Agreement, dated as of February 6, 2023, by and among the Issuer, as borrower, the guarantors and the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, in each case, held by the Holders and beneficially owned by the Reporting Persons (such Loans and Notes subject to the terms of the Debt Purchase Agreement, the " Specified Debt Instruments "). The Debt Purchase Agreement provides for the purchase by the Issuer of Specified Debt Instruments in multiple tranches (with the purchase of certain of the Specified Debt Instruments subject to the election of the Issuer in its sole discretion) between the date of the Debt Purchase Agreement and September 30, 2024 (subject to extension as may be agreed by the Holders, the " Final Repurchase Date "). The foregoing description of the Debt Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Debt Purchase Agreement filed as Exhibit 7 hereto. Except as set forth herein, the Reporting Persons have no other present plans or proposals that would relate to or result in any of the matters set forth in subparagraphs (a)–(j) of Item 4 of Schedule 13D. The Report

Interest in Securities of the Issuer

ITEM 5. Interest in Securities of the Issuer.

of Schedule 13D

Item 5 of Schedule 13D is hereby amended and restated as follows : (a) and (b) The information contained on the cover pages of this Schedule 13D is incorporated into this Item 5 by reference. Unless otherwise indicated, the percentages used in this Schedule 13D are calculated based upon 24,999,947 outstanding Shares as disclosed by the Issuer in its Form 10-Q filed with the SEC on February 14, 2024. Each of the Monarch Funds has delegated beneficial ownership of the Shares held by such Monarch Fund to MAC, and thus, no such Monarch Fund has the ability to vote or dispose of the Shares held by it absent a decision to do so by MAC. (c) The Reporting Persons have not effected any transactions in the Shares during the past sixty (60) days. (d) Other than the Monarch Funds, no person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares reported herein. (e) Not applicable.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the

ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

of Schedule 13D

Item 6 of Schedule 13D is hereby amended and supplemented to include the following: The information set forth in Item 4 of this Amendment No. 3 is incorporated into this Item 6 by reference. [ITEM 7. Material to be Filed as Exhibits.

of Schedule 13D is hereby amended and supplemented to include the following

Item 7 of Schedule 13D is hereby amended and supplemented to include the following: Exhibit Number Description of Exhibit 7 Debt Purchase Agreement, dated as of March 21, 2024 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Dated: March 25, 2024 MONARCH ALTERNATIVE CAPITAL LP By: /s/ Christopher Santana Name: Christopher Santana Title: Managing Principal MDRA GP LP By: Monarch GP LLC, as general partner By: /s/ Christopher Santana Name: Christopher Santana Title: Member MONARCH GP LLC By: /s/ Christopher Santana Name: Christopher Santana Title: Member

View Full Filing

View this SC 13D/A filing on SEC EDGAR