Benzinga | Aug 11, 2021 01:31PM EDT

Energizer Enters Into $75M Accelerated Share Repurchase Program

* Energizer Holdings Inc (NYSE:ENR) has agreed to repurchase $75 million of its common stock in an accelerated share repurchase ("ASR") program with JPMorgan Chase, N.A.

* The program equates to approximately 1.9 million shares at the closing price on August 10, 2021, representing ~2.6% of Energizer's fully diluted outstanding stock.

* This repurchase is part of its existing 7.5 million share repurchase authorization approved in November 2020.

* Energizer will fund the ASR program using available cash on hand and revolver borrowings. It held $207.7 million in cash and cash equivalents as of June 30, 2021.

* Energizer will make an initial payment of $75 million to JPM and receive an initial delivery of ~1.5 million shares. The final settlement of the ASR program will complete before the end of the calendar year 2021.

* Price Action: ENR shares traded higher by 1.87% at $40.54 on the last check Wednesday.