Exela Technologies, Inc. Announces Elimination of Early Tender Time and Initial Settlement Date

IRVING, Texas, June 30, 2023 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA) today announced that it has eliminated the early tender time of 5:00 p.m., New York City time, on June 29, 2023 and the initial settlement date with respect to the previously announced exchange offer (the “Exchange Offer”) by certain of its subsidiaries for Old Notes as described in the Offering Memorandum (as defined below).

As of 5:00 p.m., New York City time, on June 29, 2023, approximately $1,270.7 million of outstanding Old Notes were tendered for exchange pursuant to the Exchange Offer.

As a result, the Exchange Offer and the Consent Solicitation will expire at 11:59 p.m. New York City time on July 7, 2023, unless extended or terminated (the “Expiration Time”). The Company expects the Final Settlement Date for the Exchange Offer to occur promptly after the Expiration Time. Upon settlement, Old Notes validly tendered and not validly withdrawn at or prior to the Expiration Time will be exchanged into the Issuers’ new 11.500% First-Priority Senior Secured Notes due 2026 (the “New Notes”) on the basis of $800 principal amount of the New Notes for each $1,000 principal amount of outstanding Old Notes.

The deadline to validly withdraw tenders of the Old Notes was also extended to 11:59 p.m., New York City time, on July 7, 2023.

The Exchange Offer and the Consent Solicitation are being made upon the terms and conditions set forth in the confidential offering memorandum and consent solicitation statement, dated June 8, 2023 (as supplemented on June 16, 2023 and June 30, 2023, the “Offering Memorandum”). Capitalized terms used but not defined in this press release have the respective meanings ascribed to such terms in the Offering Memorandum.

Available Documents and Other Details

Documents relating to the Exchange Offer and the Consent Solicitation are available to certain holders of the Old Notes. The Offering Memorandum will only be distributed to eligible holders of the Old Notes who complete and return an eligibility form confirming that they are either a “qualified institutional buyer” under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) or not a “U.S. person” under Regulation S under the Securities Act for purposes of applicable securities laws. Holders of the Old Notes who desire to complete an eligibility form should either visit the website for this purpose at http://www.dfking.com/exela or request instructions by sending an e-mail to [e-mail] or calling D. F. King & Co., Inc., the information agent for the Exchange Offer and the Consent Solicitation, at [phone] (U.S. Toll-free) or [phone] (Collect).