Tupperware Brands Corp. (NASDAQ: TUP) stock gained by 0.3% at the last close while the TUP stock price surged by 6.83% in the pre-market trading session. Tupperware Brands Corporation is a major worldwide consumer goods business that creates products that people love and trust that are creative, useful, and environmentally friendly.
What is happening?
Tupperware Brands Corporation stated that Angelo Gordon and JP Morgan have prepaid $58 million of its Term Loan Debt and that its Board of Directors has approved share repurchases of up to $250 million of TUP’s outstanding common stock.
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TUP’s management will define the timing and amount of any share repurchases under the authorization at its discretion, based on market circumstances and other factors, including compliance with TUP’s credit arrangements. Shares may be repurchased under the authorizations in a variety of ways, including open market purchases, pre-set trading plans that satisfy the requirements of Rule 10b-1 under the Securities Exchange Act of 1934, privately negotiated transactions, block trades, speeded up share repurchase transactions, and any mix of these methods. Tupperware Brands is not obligated to purchase any certain quantity of its common stock under the program, and it may be terminated or canceled at any moment at TUP’s discretion.
Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer stated,
TUP’s improved cash position over the last 18 months has enabled them to prepay $58 million of the outstanding term loan, due to the continued growth of their Turnaround Plan.
TUP’s Board approved an advancement to their capital allocation policy to allow management to purchase back stock within agreed-upon guidelines as a result of the accretive decision to pay down debt, their continued commitment to invest in their business, and their increased confidence in TUP’s future cash flow generation.