Wed, Aug 14, 8:54 PM (153 days ago)
On August 12, 2024, Tupperware Brands Corporation entered into a Bridge Loan Credit Agreement for a senior secured term loan facility of up to $8 million, with $4 million drawn immediately. The loan matures on September 30, 2024, and carries a 14% interest rate, with a 25% original issue discount. The loan is secured by inventory assets and guaranteed by subsidiary guarantors, featuring affirmative and negative covenants, including restrictions on collateral disposition. Additionally, Tupperware amended its existing credit agreement to accommodate the new bridge loans and extend a forbearance period until the loan's maturity. The amendments include subordination of existing liens to the new bridge liens. These actions reflect Tupperware's ongoing financial restructuring efforts amid challenges, potentially impacting its operational liquidity and stock value. The company's financial position remains closely monitored due to the cross-default provisions linked to both agreements.