Tupperware Brands announces debt restructuring

Tupperware Brands 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 $150M of cash interest and fees; the extension of the stated maturity of approximately $348M 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 $55M, and Immediate access to revolving borrowing capacity of approximately $21M.