Benzinga | Jun 22, 2021 07:31AM EDT

Tupperware Authorizes $250M Share Buyback, $58M Term Loan Prepayment

* Tupperware Brands Corporation (NYSE:TUP) announced the prepayment of $58 million of its Term Loan Debt from Angelo Gordon & Co and JP Morgan Chase & Co (NYSE:JPM).

* The company also said that its board of directors had approved comm stock repurchases of up to $250 million.

* Tupperware said the ongoing success of the Turnaround Plan has resulted in improved liquidity position over the past 18 months.

* "The accretive decision to pay down the debt, our continued commitment to invest in our business and our increased confidence in the future cash flow generation of the company also led our Board to approve an enhancement in our capital allocation policy to enable management to buy back stock within agreed-upon guidelines," said Sandra Harris, Chief Financial Officer.

* Tupperware's cash and equivalents stood at $154.8 million as of March 31, 2021.

* Price action: TUP shares closed higher by 0.3% at $20.3 on Monday.