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Wednesday, August 11, 2021 6:27:56 PM
ST. LOUIS, Aug. 11, 2021 /PRNewswire/ -- Energizer Holdings Inc. (NYSE: ENR) (the "Company") announced today it has entered into an agreement to repurchase an aggregate of $75 million of its common stock in an accelerated share repurchase ("ASR") program with JPMorgan Chase, National Association ("JPM"). This equates to approximately 1.9 million shares, at the closing price on August 10, 2021, and represents approximately 2.6% of Energizer's fully diluted outstanding stock(1). The Company is expected to fund the ASR program using available cash on hand and revolver borrowings. The Company will repurchase shares under the ASR Program as part of its existing 7.5 million share repurchase authorization, which was approved by its Board of Directors in November 2020.
"This accelerated share repurchase transaction is an important component of our capital allocation strategy," said Mark Lavigne, Chief Executive Officer. "The program demonstrates our confidence in Energizer's strategy and future growth prospects and underscores our commitment to deliver value to our shareholders."
Under the terms of the ASR agreement, dated August 11, 2021, Energizer will make an initial payment of $75 million to JPM and receive an initial delivery of approximately 1.5 million shares of Energizer's common stock. The final number of shares to be repurchased under the ASR program will be based on the average of the daily volume-weighted average prices of Energizer's common stock during the repurchase period, less a discount, and is subject to adjustments pursuant to the terms of the ASR agreement. The final settlement of the ASR program is expected to be completed before the end of the calendar year 2021.
Energizer expects to have ample financial capacity to sustain its balanced approach to capital allocation. This includes investments in its categories and brands to enhance growth and innovation and improve profitability, return capital to shareholders through dividends and opportunistic share repurchases, execute strategic M&A and pay down debt.
About Energizer:
Energizer Holdings Inc. (Energizer,NYSE: ENR), headquartered in St. Louis, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant and fragrance products. Its portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor® and Tuff Stuff®. As a global, branded consumer products company, Energizer's mission is to lead the charge to deliver value to its customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.
https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-entry-into-75-million-accelerated-share-repurchase-program-301352907.html
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