Tupperware Brands (TUP) Increases Share Repurchase Authorization and Leverage Target

January 29, 2013 7:10 AM EST
Tupperware Brands Corp. (NYSE: TUP) said repurchased in the open market 1.57 million shares for $100 million in the fourth quarter of 2012. Since 2007, the Company has repurchased 15.5 million shares for $828 million. The Company's open market repurchase authorization was increased today from $1.2 billion to $2.0 billion, and extended two years until February 1, 2017. The Company expects to repurchase $100 million worth of shares in the first quarter of 2013 and has included $400 million of repurchases in its full year 2013 outlook.

The Company today increased its leverage target from 1.5 to 1.75X Adjusted EBITDA. After funding its working and fixed capital needs to support its continued organic growth and funding its dividend to shareholders as outlined above, the Company intends to use remaining available cash flow and borrowings in line with its leverage target to repurchase shares under its $2 billion authorization.

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