Tupperware Brands Corporation has finalized an agreement with its lenders to restructure its existing debt obligations. This move is expected to improve the company’s overall financial state and will amend credit obligations as well as extend the maturity of strategic debt facilities.
Tupperware will now reduce or reallocate approximately $150 million of cash interest and fees, reduce amortization payments required through fiscal year 2025 by approximately $55 million, and will have immediate access to revolving borrowing capacity of approximately $21 million.
“I am confident that this agreement provides us with the financial flexibility to continue executing on our near-term turnaround efforts as well as our long-term strategy to create a global omni-channel consumer brand,” said Mariela Matute, Tupperware Brands Corporation Chief Financial Officer. “We are committed to making ongoing progress in improving liquidity and strengthening our capital structure. We appreciate the support of our lenders, who share in our strategy, as we move forward.”
