The Firm represented the initial purchasers, led by J.P. Morgan, HSBC and Wells Fargo Securities, in an offering of $400 million of 4.750% Senior Notes due 2021 by Tupperware Brands Corporation. The Notes are guaranteed on a senior secured basis by Tupperware’s wholly-owned subsidiary, Dart Industries Inc. The collateral securing the guarantee consists of certain Tupperware® trademarks and service marks owned by Dart. The offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933, and investors have the benefit of registration rights. The offering constituted Tupperware’s inaugural debt offering.
The net proceeds from the offering, together with cash on hand, are being used to repay indebtedness outstanding under Tupperware’s existing credit facility.
Tupperware is a leading global direct seller of products across multiple brands and categories, including preparation, storage and serving products for the kitchen and home. Tupperware manufactures and sells Tupperware® products and cosmetics and personal care products under, among others, the Armand Dupree®, Avroy Shlain®, BeautiControl®, Fuller®, NaturCare®, Nutrimetics® and Nuvo® trade names.
The Simpson Thacher team included, among others, Glenn M. Reiter, Elsa Wang, Jennifer Chen and Chelsea Freeman (Capital Markets); Erik Hepler (Collateral); Parijat Sharma (Intellectual Property); Jonathan Cantor and Danny Salinas (Tax); and Andrew Pagliughi (Blue Sky).