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
Dutch consumer electronics giant Philips Electronics NV reported Monday significantly higher profit in its second quarter, mainly with Funai arbitration award, despite weak sales. Comparable sales growth was 3 percent with improved HealthTech portfolio, despite weakness in Lighting. The company also maintained its outlook for fiscal 2016. Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as...
comments powered by Disqus
Follow RTT