Benzinga | Dec 14, 2021 01:17PM EST

BrightView Repurchases 5.9M Shares From MSD Partners For $82.5M

* BrightView Holdings Inc (NYSE:BV) agreed to repurchase 5.9 million shares of its common stock from MSD Partners and affiliates at $13.98 per share or ~$82.5 million.

* The purchase price represents a 2% discount from the closing price on December 7, 2021.

* The repurchase represents half of MSD Partners' current equity investment in BrightView. MSD Partners would own approximately 5.9 million of BrightView's 99.3 million outstanding shares following the repurchase.

* The company plans to fund the purchase with cash on hand and borrowings under the credit facilities. It expects to complete the transaction in January 2022.

* BrightView held $123.7 million in cash and equivalents as of September 30, 2021.

* The company made the repurchase in connection with BrightView's share buyback program announced on December 6, 2021.

* Price Action: BV shares are trading lower by 0.99% at $13.97 on the last check Tuesday.