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Lexmark Buys Back $21M Worth of Shares From JPMorgan Bank

Toner News Mobile › Forums › Toner News Main Forums › Lexmark Buys Back $21M Worth of Shares From JPMorgan Bank

Tonernews.com, February 7, 2013. USA
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    Anonymous
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    Lexmark Buys Back $21M Worth of Shares From JPMorgan Bank

    Lexmark Enters Accelerated Buyback with JPMorgan
    After the close of the markets on January 29, 2013, Lexmark International, Inc. (NYSE: LXK) entered into an accelerated share repurchase agreement with JPMorgan Chase Bank, N.A., London Branch.

    Pursuant to the terms of the ASR Agreement, the Company will purchase $21 million of the outstanding shares of its Class A Common Stock from JPMorgan. The ASR Agreement requires JPMorgan to deliver to the Company on February 1, 2013, 751,896 shares, equal to 85 percent of the shares that would be repurchased at a price of $23.74, the closing price of the Company’s Class A Common Stock on January 29, 2013. The number of shares to be delivered to the Company by JPMorgan under the ASR Agreement shall be adjusted based on a discount to the average of the daily volume weighted average price of the Company’s Class A Common Stock during the term of the ASR Agreement. If the number of shares to be delivered to the Company is less than the initial delivery of shares by JPMorgan, the Company may be required to remit shares or cash to JPMorgan as a result of such adjustment. The share repurchases are expected to be completed during the first quarter of 2013.

    After entering into the transaction described above, the Company now has approximately $230 million of share repurchase authority remaining.

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    February 7, 2013 at 7:54 AM
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