Exela Technologies Reports Share Buyback of up to 100 Million Shares of Common Stock at USD 1 per share | Financial Buzz

Exela Technologies Reports Share Buyback of up to 100 Million Shares of Common Stock at USD 1 per share

Exela Technologies, Inc. (NASDAQ: XELA) reported commencement of an offer to holders of Exela’s outstanding shares of common stock to exchange up to 100,000,000 shares of Common Stock for up to USD 100 Million aggregate principal amount of its unsecured 6% senior notes due 2029.  Par Chadha, Exela’s Executive Chairman, noted, “After deploying more than $400 million of capital in 2021 to substantially reduce debt and extend maturities, we are now deploying capital to unlock shareholder value for our large and growing shareholder base.”

Holders of Common Stock on or prior to 11.59 p.m., New York City time, on February 24th, 2022 will receive for each 25 shares of Common Stock tendered, a New Note having a principal amount equal to USD 25.  In the case that a number of shares of Common Stock may be tendered in the Offer would require the Company to issue in excess of USD 100 Million aggregate principal amount of New Notes, then all tenders will be accepted on a pro rata basis so long as the aggregate principal amount of the New Notes does not exceed USD 100 Million. 

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