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Tupperware Brands Announced Buyback Of $250 Mln, Shares Up 5%

Shares of Tupperware Brands Corp. (TUP) are gaining over 5% in extended trading session on Monday. The company's Board of Directors has authorized share repurchases of up to $250 million of common shares.

TUP closed Monday's trading at $20.34, up $0.06 or 0.30%, on the NYSE. The stock further gained $1.11 or 5.46%, in the after-hours trade.

Tupperware Brands also announced the prepayment of $58 million of its term loan debt from Angelo Gordon and JP Morgan.

"The ongoing success of our Turnaround Plan has resulted in the Company's improved liquidity position over the past 18 months enabling us to prepay $58 million of the outstanding term loan," said Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer.

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