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

BrightView Holdings Inc 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.