Tupperware Manufacturers finalized an settlement with its lenders to restructure its current debt obligations, enhancing the Firm’s general monetary place by amending sure credit score obligations and increasing the maturity of sure debt services to permit it to proceed with its turnaround efforts.
This settlement is a complete restructuring and reallocation of the Firm’s debt and offers for, amongst different issues:
- The discount / reallocation of roughly $150 million of money curiosity and charges,
- The extension of the acknowledged maturity of roughly $348 million of principal and reallocated curiosity and charges to fiscal yr 2027 with PIK curiosity,
- The discount of amortization funds required to be paid by way of fiscal yr 2025 by roughly $55 million, and
- Quick entry to revolving borrowing capability of roughly $21 million.
“I’m assured that this settlement offers us with the monetary flexibility to proceed executing on our near-term turnaround efforts in addition to our long-term technique to create a worldwide omni-channel shopper model. We’re dedicated to creating ongoing progress in enhancing liquidity and strengthening our capital construction. We respect the help of our lenders, who share in our technique, as we transfer ahead,” stated Mariela Matute, Chief Monetary Officer of Tupperware Manufacturers Company.
Tupperware’s advisors on the debt restructuring settlement embody Kirkland & Ellis LLP as authorized counsel, Alvarez & Marsal as restructuring advisors, and Moelis & Firm as monetary advisors.