Tupperware Brands, a global consumer products company, raised $880 million in a new secured credit facility in order to refinance its existing credit facilities.

Wells Fargo Securities, BMO Capital Markets, Fifth Third Bank and Truist Securities acted as joint lead arrangers and joint bookrunners on the new facility. Wells Fargo Bank is the administrative agent, swingline lender and issuing bank on the new facility, with BMO Harris Bank, Fifth Third Bank and Truist Bank serving as syndication agents.

The new facility consists of a five-year, $480 million revolving credit facility and a five-year, $400 million term loan. The new facility carries an interest rate of LIBOR plus 200 basis points. The transaction lowers the company’s cost of capital, reducing the interest rate on Tupperware’s term loans by more than 6%. The new facility also extends the maturity by two-and-a-half years to 2026, increases liquidity by approximately $100 million and resets and simplifies financial covenants to enhance operating and capital allocation flexibility. The facility is fully pre-payable at any time.

“We are excited to have refinanced our credit facility at such attractive terms,” Sandra Harris, chief financial and operations officer of Tupperware Brands, said. “This transaction is another tangible example of the foundational improvements we’ve made to the business over the past 18 months and represents another significant milestone in Tupperware’s ongoing turnaround plan. Our new credit facility enhances our financial flexibility and is consistent with our strategy to optimize the capital structure of the company while supporting future growth.”

The term loan includes a €176 million ($197.3 million) tranche, which aligns with the company’s international business footprint, operational needs and evolving tax strategy. In combination with lower absolute debt outstanding, the new facility is expected to lower the company’s overall net interest expense and be a tailwind to earnings growth on a go-forward basis.