- Howmet Aerospace Inc HWM plans for capital allocation actions, including an additional share repurchase program for up to $1.5 billion of its common stock.
- The new authorization brings the total available to $1.577 billion. It currently has approximately 429 million shares of common stock outstanding.
- Howmet Aerospace also proposed an offering of notes. It intends to use the debt offering net proceeds, along with cash on hand if needed, to fund the purchase price for up to $600 million of its outstanding 6.875% Notes due 2025.
- Additionally, the company announced the launch of a cash tender offer to purchase a portion of its outstanding 6.875% Notes due 2025.
- Howmet Aerospace held $716 million of cash and cash equivalents as of June 30, 2021.
- Price Action: HWM shares are trading higher by 4.19% at $32.815 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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