On January 28, 2015, SunCoke Energy, Inc. (SXC) entered into an accelerated share repurchase (ASR) agreement for the buyback of $20 million of SXC’s common stock through March 2015. The actual number of shares repurchased will be based on a discounted volume-weighted average share price of SXC’s common stock during the term of the agreement.
This $20 million ASR agreement is part of the $150 million share repurchase program authorized by SXC’s Board of Directors in July 2014. Under this program we previously completed a $75 million ASR of common stock in October 2014.
“Today’s action affirms our intent to continue to pursue share repurchases as a key element of our capital allocation framework while maintaining our financial flexibility to fund major growth projects and pay dividends,” said Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. “We intend to execute repurchases on the remaining $55 million available under our authorization over time via other ASRs or opportunistically through the open market.”
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