Tupperware Brands prepaid $58 million of its term loan debt from Angelo Gordon and JP Morgan. In addition, its board of directors authorized share repurchases of up to $250 million of the company’s outstanding shares of common stock.
“The ongoing success of our turnaround plan has resulted in the company’s improved liquidity position over the past 18 months, enabling us to prepay $58 million of the outstanding term loan,” Sandra Harris, CFO and COO of Tupperware Brands, said. “The accretive decision to pay down the debt, our continued commitment to invest in our business and our increased confidence in the future cash flow generation of the company also led our board to approve an enhancement in our capital allocation policy to enable management to buy back stock within agreed-upon guidelines.”
The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations, including compliance with the company’s credit agreements.