Tupperware Brands (TUP) Announces $250M Share Repurchase Program; Pre-Payment of Loan Debt
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Tupperware Brands Corporation (NYSE: TUP) today announced the prepayment of $58 million of its Term Loan Debt from Angelo Gordon and JP Morgan, and, that its Board of Directors has authorized 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.
Harris continued, "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."
The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations, including compliance with the Company's credit agreements. Share repurchases under the authorizations may be made through a variety of methods, which may include open market purchases, pursuant to pre-set trading plans meeting the requirements of Rule 10b-1 under the Securities Exchange Act of 1934, in privately negotiated transactions, block trades, accelerated share repurchase transactions, or any combination of such methods. The program does not obligate Tupperware Brands to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
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