Tupperware raises credit facility to $650 million, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, April 4 – Tupperware Brands Corp. amended and restated its multicurrency credit agreement on March 29 to increase availability and extend the maturity, among other changes, according to an 8-K filing with the Securities and Exchange Commission.

Total availability was increased to $650 million from $600 million, and the maturity date was pushed back to March 29, 2024 from June 9, 2020.

Borrowings bear interest at Libor plus 137.5 basis points to 187.5 bps, and the commitment fee ranges from 15 bps to 27.5 bps, in both cases depending on leverage ratio and ratings.

Also, a trigger was added under which the corporation would be required to provide additional collateral and subsidiary guarantees if either Moody’s Investors Services or S&P Global Ratings downgrades its existing rating two notches or more.

The amended and restated credit agreement provides a revolving credit facility, divided into global tranche, Mexican tranche and Singaporean tranche commitments, with total amount of borrowings under each tranche not to exceed $550 million, $75 million and $25 million, respectively.

It also provides a global letter-of-credit facility of up to $50 million and a global swingline facility of up to $100 million.

Each tranche is available to the corporation and its subsidiary borrowers, with extensions of credit to the subsidiary borrowers not to exceed $325 million outstanding at any time.

Tupperware is permitted to increase, on up to three occasions, the facility amount by a total of up to $200 million.

JPMorgan Chase Bank is administrative agent, and J.P. Morgan Securities LLC, Credit Agricole CIB, HSBC Securities (USA) Inc., Mizuho Bank (USA) and Wells Fargo Securities, LLC are joint lead arrangers and bookrunners.

Credit Agricole, HSBC, Mizuho and Wells Fargo are syndication agents.

Tupperware is an Orlando, Fla.-based manufacturer and distributor of kitchenware, cosmetics and personal-care products.

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