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Shares were up an additional 58% at the time of this writing.
As part of the financial restructuring efforts, the company announced the reduction and reallocation of approximately $150 million of cash interest and fees. Additionally, they successfully extended the stated maturity of approximately $348M of principal and reallocated interest and fees to fiscal year 2027, all while incorporating PIK interest. Furthermore, they have managed to decrease the amortization payments that were initially required to be paid through fiscal year 2025 by approximately $55M.
To enhance financial flexibility, the company also announced that they now have immediate access to a revolving borrowing capacity of approximately $21M.
These strategic moves are seen as having a positive impact on the company’s financial outlook and overall stability.
“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.
