BWX Technologies (BWXT) Enters $200M Accelerated Stock Buyback Agreement
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BWX Technologies, Inc. (NYSE: BWXT) announced that it has entered into an accelerated share repurchase (ASR) agreement with Wells Fargo Bank, National Association to repurchase an aggregate of $200 million of the Company’s common stock. The ASR agreement was entered into under the Company’s previously authorized share repurchase program which had $253.4 million remaining as of June 30, 2016.
Under the ASR agreement, BWXT received approximately 4.1 million shares at the inception of the ASR. The total number of shares ultimately repurchased under the agreement will be determined upon final settlement, expected no later than the first quarter of 2017, using prices based generally on the volume-weighted average price of the Company’s common stock.
“We are committed to efficiently utilizing our strong balance sheet to enhance shareholder value,” said David S. Black, Senior Vice President and Chief Financial Officer. “When combined with our recent acquisition announcement and quarterly dividend, this ASR further demonstrates our commitment to our balanced capital approach while maintaining flexibility to support additional growth opportunities.”
The ASR agreement will be funded through cash on hand and our existing credit facility, which was recently amended. As of June 30, 2016, the Company had cash and cash equivalents of approximately $98 million and availability under our credit facility of $288 million. The credit facility amendment executed on September 2, 2016 included an additional term loan facility in an aggregate principal amount of up to $250 million.
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