Tupperware
December 22, 2022
Tupperware Brands entered into a second amendment to its credit agreement that raises the maximum net leverage ratio for the fourth quarter of 2022 to 5.25 times from 4.25 times, followed by 4.25 times in the first quarter of 2023 and 3.75 times thereafter. The amendment shortens the facility's maturity to November 23, 2025 from 2026.
The global revolving commitment was reduced to 435 million dollars from 450 million dollars, the letter of credit sublimit was set at 45 million dollars, the Singapore tranche and incremental facility were eliminated, and the Mexico tranche was cut to 5 million dollars. Interest margins increased and new reporting requirements were added.
The company said it remains in discussions with lenders on further relief. Chief financial officer Mariela Matute said the amendment allows the company to keep executing its strategies of fixing the core business and expanding access to the brand during a period of unusual macroeconomic volatility.