Exela Technologies, Inc. announced that certain of its subsidiaries entered into a Revolving Loan Exchange and Prepayment Agreement with certain financial institutions acting as revolving lenders under its First Lien Credit Agreement dated as of July 12, 2017 (as amended or otherwise modified from time to time). Pursuant to the exchange all of the amounts outstanding under the revolving facility will be exchanged for (i) $50.0 million in cash and (ii) $50.0 million of the 11.500% First-Priority Senior Secured Notes due 2026. Upon the closing of the Exchange, all revolving l**** shall be cancelled and the obligation to pay any amounts due under such revolving l**** (including on their scheduled maturity date, July 12, 2022) shall be terminated and any accrued and unpaid interest and fees on such revolving l**** shall be paid at closing. Following this exchange there will be no further debt maturities in 2022.
The consummation of the exchange is subject to customary closing conditions, including that the closing shall occur no later than March 28, 2022.
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