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Polaris updates accelerated share repurchase transaction
09 Dec '06
2 min read
Polaris Industries Inc announced that it has repurchased 3.55 million shares of Polaris common stock at an initial purchase price of approximately $165.6 million, or $46.64 per share in connection with the accelerated share repurchase agreement with Goldman Sachs & Co. ("Goldman").
Polaris announced on December 5, 2006 that it entered into an accelerated share repurchase agreement with Goldman for the repurchase of up to $200 million of its common stock on or before December 8, 2006.
Polaris also announced on December 5, 2006 that its Board of Directors had increased the Company's common stock share repurchase authorization by 7.0 million shares.
After giving effect to the additional share repurchase authorization, prior share repurchase authorizations and this transaction, there are 4.78 million shares remaining authorized for repurchase.
Polaris intends to repurchase the balance of the 4.78 million share authorization from time to time in open market or privately negotiated transactions in accordance with applicable federal securities laws.
All of the repurchased shares will be retired. Proceeds from the term loan that are not utilized to settle the 3.55 million share transaction with Goldman will be applied to the outstanding balance of the revolving loan and will be available for future borrowing.
Goldman borrowed the shares being delivered to Polaris and is expected to purchase sufficient shares in the open market to return to lenders over a period of time no longer than nine months.
Polaris announced on December 5, 2006 that it entered into an accelerated share repurchase agreement with Goldman for the repurchase of up to $200 million of its common stock on or before December 8, 2006.
Polaris also announced on December 5, 2006 that its Board of Directors had increased the Company's common stock share repurchase authorization by 7.0 million shares.
After giving effect to the additional share repurchase authorization, prior share repurchase authorizations and this transaction, there are 4.78 million shares remaining authorized for repurchase.
Polaris intends to repurchase the balance of the 4.78 million share authorization from time to time in open market or privately negotiated transactions in accordance with applicable federal securities laws.
All of the repurchased shares will be retired. Proceeds from the term loan that are not utilized to settle the 3.55 million share transaction with Goldman will be applied to the outstanding balance of the revolving loan and will be available for future borrowing.
Goldman borrowed the shares being delivered to Polaris and is expected to purchase sufficient shares in the open market to return to lenders over a period of time no longer than nine months.
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