logo
Share SHARE
FONT-SIZE Plus   Neg

Clearwater Paper Reports $50 Mln Accelerated Share Buyback - Quick Facts

Clearwater Paper Corp. (CLW) has reached an accelerated stock buyback agreement or "ASB agreement" with Goldman, Sachs & Co. to buy back an aggregate of $50 million of Clearwater Paper stock. As part of its $100 million stock repurchase program, the company would buy the common shares as per the ASB agreement.

This program, announced on January 17, 2013, in conjunction with the sale of $275 million of 4.5% senior notes by the company, is targeted to be over in 2013. The remainder of the repurchases under this program may be made, at management's discretion, in both public market and private transactions, are subject to certain limitations, and may include the use of derivative contracts or additional structured share repurchase deals.

Pursuant to the ASB agreement, the company would pay $50 million to Goldman, Sachs & Co. and would receive a majority of the shares underlying the ASB agreement, from Goldman, Sachs & Co. on March 6, 2013. The remaining shares to be bought back under the ASB agreement, if any, would be generally based on the daily volume-weighted average price of Clearwater Paper stock during the term of the ASB agreement.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
RELATED NEWS
Trade CLW now with 
Follow RTT