Shares of Tupperware Brands Corporation soared as much as 90% during the after-bell trade as the global consumer products company announced on Thursday that it has finalised an agreement with its lenders to restructure its debt obligations extending the maturity of certain debt facilities to allow it to continue with its turnaround efforts.
This agreement will aid in comprehensively restructuring and reallocating the companys debt. It is also expected to reduce amortisation payments required through fiscal year 2025 by about $55 million.
The agreement will help reduce or reallocate about $150 million of cash interest and fees, giving it immediate access to a revolving borrowing capacity of approximately $21 million.
The agreement also in…
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