Thursday, February 21, 2019 1:15 pm
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NASHVILLE, Tenn. (News release) -- Louisiana-Pacific Corporation announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase $400 million of LP's common stock.
This agreement is part of LP's existing share repurchase authorization under which $600 million of authority was announced in Feb. 13, 2019.
Under the ASR agreement, LP will receive initial delivery of 11,944,756 million shares on Feb. 21, 2019, representing approximately 80 percent of the number of shares of common stock initially underlying the ASR agreement, based on the closing price of the company's common stock of $26.79 on Feb. 15.
The final number of shares to be repurchased will be based on LP's volume-weighted average price during the term of the transaction, less a discount, and is expected to be completed no later than the end of the third quarter of 2019.
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