Why Tupperware Was a Standout Stock on Friday
A debt restructuring deal was bringing the bulls back in force to Tupperware Brands (NYSE: TUP) on the last trading day of the week. As of midafternoon, the storied home-goods purveyor's share price was up a mighty 49%. The S 500 index, by contrast, was inching up only marginally.
Late Thursday, Tupperware announced (no doubt with immense relief) that it has finalized an arrangement with its lenders to restructure outstanding debt.
The deal has a number of components. It provides scope for Tupperware to reduce or reallocate around $150 million of interest and fees on its borrowings, extend the maturity of roughly $348 million of reallocated interest and fees to its 2027 fiscal year, and reduce looming amortization payments by $55 million. Lastly, it will provide the company with immediate access to an approximately $21 million revolving credit facility.
Source Fool.com
