Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade CLW now with 

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.

Click here to receive FREE breaking news email alerts for Clearwater Paper Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Specialty drugmaker Horizon Pharma plc (HZNP) on Friday managed to redomicile itself as an entity incorporated in Ireland following the completion of its $660 million acquisition of Vidara Therapeutics International plc. The deal will help it avoid paying the high rate of U.S. corporate taxes. The... Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high. The major averages turned in a mixed performance on the day. President Barack Obama delivered a statement Thursday evening thanking members of Congress for voting to approve legislation granting the U.S. military the authority to train and arm moderate Syrian rebels fighting against the terrorist group known as the Islamic State.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.