- Consumer products company Tupperware Brands ( NYSE: TUP ) has amended its Nov. 23, 2021, credit agreement for the second time.
- The first amendment to the credit agreement was made as of Aug. 1.
- The second amendment increases the maximum permitted consolidated net leverage ratio for the company's current fiscal quarter ending Dec. 31, among other things. The ratio is increased to 5.25 to 1.00 from 4.25 to 1.00.
- The ratio will reduce to 4.25 to 1.00 for the first fiscal quarter ending in 2023 and 3.75 to 1.00 for each fiscal quarter ending thereafter.
- The second amendment also shortens the maturity date of the credit agreement from Nov. 23, 2026, to Nov. 23, 2025.
- And, it reduces the maximum amount that may be borrowed under the global tranche revolving commitments from $450M to $435M, and reduces the maximum sublimit for letters of credit from $50M to $45M.
- Source: Press Release
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Tupperware Brands amends credit agreement for second time