The success of Tupperware Brands Corporation’s “turnaround plan” has allowed for the company’s prepayment of $58 million of its term loan debt from Angelo Gordon and JP Morgan. The company’s financial stability has also led its Board of Directors to authorize share repurchases of up to $250 million of the company’s outstanding shares of common stock.
“The ongoing success of our Turnaround Plan has resulted in the company’s improved liquidity position over the past 18 months enabling us to prepay $58 million of the outstanding term loan,” said Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer. “The accretive decision to pay down the debt, our continued commitment to invest in our business and our increased confidence in the future cash flow generation of the company also led our Board to approve an enhancement in our capital allocation policy to enable management to buy back stock within agreed-upon guidelines.”
