Tupperware Brands finalized an agreement with its lenders to restructure its existing debt obligations, improving the company’s overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities to allow it to continue with its turnaround efforts.
Tupperware Brands, a global consumer products company, has engaged financial advisors to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern.
Tupperware Brands entered into a second amendment to its credit agreement to allow the company to further implement its ongoing turnaround plan. According to an 8K filed with the SEC, Wells Fargo is the administrative agent for the agreement.
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 Bank is the administrative agent, swingline lender and issuing bank on the new facility.
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.