Agreement provides Company increased financial
flexibility to continue turnaround efforts
ORLANDO,
Fla., Aug. 3, 2023 /PRNewswire/
-- Tupperware Brands Corporation (NYSE: TUP), a global
consumer products company, announced today that it has 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.
This agreement is a comprehensive restructuring and reallocation
of the Company's debt and provides for, among other things:
- The reduction / reallocation of approximately $150 million of cash interest and fees,
- The extension of the stated maturity of approximately
$348 million of principal and
reallocated interest and fees to fiscal year 2027 with PIK
interest,
- The reduction of amortization payments required to be paid
through fiscal year 2025 by approximately $55 million, and
- 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. 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," said Mariela Matute, Chief Financial Officer of
Tupperware Brands Corporation.
Advisors
Tupperware's advisors on the debt restructuring agreement
include Kirkland & Ellis LLP as legal counsel, Alvarez &
Marsal as restructuring advisors, and Moelis & Company as
financial advisors.
Forward-Looking Statements
This release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including with respect to the Company's ability to execute on its
strategic plans and improve profitability and liquidity. Such
forward-looking statements are based on assumptions about many
important factors, including risks identified in the Company's most
recent filing on Form 10-K and other SEC filings, all of which are
available on the Company's website. The Company does not undertake
to update its forward-looking statements unless otherwise required
by law.
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a global consumer
products company that designs innovative, functional and
environmentally responsible products that people love and trust.
Founded in 1946, Tupperware's signature container created the
modern food storage category that revolutionized the way the world
stores, serves and prepares food. Today, this iconic brand has more
than 8,500 functional design and utility patents for
solution-oriented kitchen and home products. With a purpose to
nurture a better future, Tupperware® products are an
alternative to single-use items. The company distributes its
products into nearly 70 countries, primarily through independent
representatives around the world. For more information, visit
Tupperwarebrands.com or follow Tupperware
on Facebook, Instagram, LinkedIn and Twitter.
Investors: PatrickBaumann@Tupperware.com
Media: media@tupperware.com
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SOURCE Tupperware Brands Corporation