logo
Share SHARE
FONT-SIZE Plus   Neg

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

Clearwater Paper Corp. (CLW: Quote) 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

Editors Pick
Burger chain Shake Shack Inc. said late Thursday that it has priced its initial public offering of 5 million Class A shares at $21 per share, which is above the previously estimated price range of $17 to $19 per share. The shares are expected to begin trading on the New York Stock Exchange on Friday, January 30 under the ticker symbol "SHAK." Google reported a higher fourth-quarter profit, driven by a 15 percent increase in revenues and one-time gains from the sale of Motorola Mobile business, somewhat offset by stock-based compensation expense and foreign exchange losses. Quarterly earnings and revenue missed Wall Street estimates, as ad revenues came under pressure. Online retailer Amazon.com, Inc. said Thursday after the markets closed that its fourth quarter fell 10.5% from last year, as higher expenses more than offset a 15% increase in sales. However, the company's quarterly earnings per share came in well above analysts' expectation, but its quarterly sales fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade CLW now with 
Follow RTT