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IRVING, Texas, June 08, 2023 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) XELA XELPA))) today announced that certain of its subsidiaries have commenced an offer to exchange any and all of their outstanding 11.500% First-Priority Senior Secured Notes due 2026 (the “Old Notes”) issued by Exela Intermediate LLC (the “Issuer”) and Exela Finance Inc. (together with the Issuer, the “Issuers”) into new 11.500% First-Priority Senior Secured Notes due 2026 (the “New Notes”) issued by the same Issuers.
This offer is being made upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement (the “Offering Memorandum”) dated June 8, 2023. The offer will expire at 11:59 p.m., New York City time, on July 7, 2023 (the “Expiration Time”), subject to being amended or extended. Tendered Old Notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on June 22, 2023, but not thereafter.
For each $1,000 principal amount of Old Notes validly tendered prior to 5:00 pm, New York City time, on June 22, 2023 (the “Early Tender Time”), holders will be eligible to receive $800 principal amount of New Notes. Holders who tender Old Notes after the Early Tender Time will only be eligible to receive $750 principal amount of New Notes per $1,000 principal amount of Old Notes.
The New Notes will have a coupon of 11.500% and will mature on April 15, 2026, provided that if any of the Issuers’ existing notes due in 2023 or term loans due in 2023 remain outstanding on July 12, 2023, then the New Notes will also mature on July 12, 2023.
The New Notes will be fully and unconditionally guaranteed by the same guarantors that guarantee the Old Notes (other than certain guarantors that have ceased to have operations or assets) and by certain affiliates of the Issuers. The New Notes and related guarantees will be secured by a first-priority secured interest in substantially all of the existing and future…
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