JNY concludes accelerated share repurchase program
12 Jun '08
3 min read
We continue to operate from a position of financial strength, and our businesses have generated and maintained a significant amount of cash on hand. On a combined basis, Jones Apparel Group has $1.25 billion of committed bank credit that provides us with substantial financial flexibility as we continue to pursue our multi-brand, multi-channel diversification strategy."
Jones also announced that it has concluded the Accelerated Share Repurchase (ASR) program with Goldman, Sachs & Co. (Goldman) As previously announced, on September 6, 2007, Jones entered into an ASR agreement with Goldman to repurchase $400 million of Jones's outstanding common stock.
Purchases under the ASR were subject to collar provisions that established minimum and maximum numbers of shares based generally on the volume-weighted average price of Jones's common stock during the term of the ASR program.
Final settlement of the ASR program was scheduled for no later than July 19, 2008 and could occur earlier at the option of Goldman or later under certain circumstances. Through June 5, 2008, 17.9 million shares had been delivered by Goldman to Jones under the terms of the ASR. On June 5, 2008, Goldman informed Jones that it had concluded the ASR.
As a result, Jones received a final delivery of 3.1 million shares on June 10, 2008, bringing the aggregate number of shares received under the ASR program to 21.0 million shares. As of June 10, 2008, 83.4 million shares of Jones's common stock were outstanding, after giving effect to the delivery of the 3.1 million shares. No cash was required to complete the final delivery of shares.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
