Energizer Enters Into $75M Accelerated Share Repurchase Program

Energizer Holdings Inc ENR has agreed to repurchase $75 million of its common stock in an accelerated share repurchase ("ASR") program with JPMorgan Chase, N.A.
The program equates to approximately 1.9 million shares at the closing price on August 10, 2021, representing ~2.6% of Energizer's fully diluted outstanding stock.
This repurchase is part of its existing 7.5 million share repurchase authorization approved in November 2020.
Energizer will fund the ASR program using available cash on hand and revolver borrowings. It held $207.7 million in cash and cash equivalents as of June 30, 2021.
Energizer will make an initial payment of $75 million to JPM and receive an initial delivery of ~1.5 million shares. The final settlement of the ASR program will complete before the end of the calendar year 2021.
Price Action: ENR shares traded higher by 1.87% at $40.54 on the last check Wednesday.