Tupperware Commences Cash Tender Offer of Outstanding 4.750% Senior Notes

Tupperware Q2

Tupperware Brands Corporation announced the commencement of an offer to purchase for cash up to $175 million aggregate principal amount of its outstanding 4.750% Senior Notes due 2021.

Approximately $600 million aggregate principal amount of Notes is currently outstanding. The Tender Offer is being made on the terms and subject to the conditions set forth in the offer to purchase, dated May 26, 2020.

“Strengthening our balance sheet is a critical objective for Tupperware and a top priority of the management team,” said Sandra Harris, chief financial officer of Tupperware. “In recent months we have taken swift actions to accelerate cost savings and have increased our turnaround plan commitments in response to COVID-19 and in an effort to maintain compliance with our debt covenants from our recently amended credit agreement.  We continue to work proactively with various financial sources and advisors to address our liquidity and cash flow needs ahead of the June 2021 Senior Notes maturity. The tender offer we are announcing is our first important action in this regard.”

The Tender Offer will expire at 11:59 p.m., New York City time, on June 22, 2020, unless extended or earlier terminated as described in the Offer to Purchase.

The Company reserves the option to accept for payment some or all of the Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Time on a date promptly after the Early Tender Time (the “Early Acceptance Date”). Holders whose Notes are accepted by the Company for purchase pursuant to the Tender Offer, will also be eligible to receive accrued and unpaid interest on their Notes accepted for purchase, up to, but excluding, the date of payment of the applicable consideration.

For more information on Tupperware’s Tender Offer, click here.

 

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