Tupperware Brands (NYSE:TUP) stock is up on Friday after the plastic storage bin company announced a debt restructuring agreement.
According to a press release from Tupperware Brands, the company has signed an agreement with debtholders to extend its maturity dates and retire certain debts. That has it reducing required payments through 2025 to $55 million while also gaining a $21 million revolving borrowing facility.
To go along with this, Tupperware has reduced a reallocated $150 million in cash interest and fees. It has also delayed $348 million of principal and reallocated interest and fees to 2027 with payment-in-kind interest.
Mariela Matute, Chief Financial Officer of Tupperware Brands, said the following about the debt restructuring:
“I am confident that this agreement provides us with the financial flexibility to continue executing on our near-term turnaround efforts as well as our long-term strategy to create a global omni-channel consumer brand. We are committed to making ongoing progress in improving liquidity and strengthening our capital structure.”
Recent TUP Stock Movement
TUP stock has been volatile lately and that’s partially due to its restructuring plan. However, the other part is the company being latched onto by meme stock traders. With their help, the company’s stock has seen some wild swings this week.
Today’s news has shares of TUP trading some 5 million units as of this writing. That’s not a bad start to the day compared to its daily average of 18 million shares. The news also has the stock up 56.5% as of Friday morning.
Investors seeking out more of the latest stock market news today are in luck!
We’ve got all of the hottest stock market news that traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, what’s going on with Chinese electric vehicle (EV) stocks and more. All of that news is ready to go at the links below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- Why Are Chinese EV Stocks NIO, XPEV, LI Up Today?
- MULN Stock Alert: Shareholders Appear to Preliminarily Approve Reverse Split Proposal
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
