Mar. 17 at 11:25 AM
$EXLS EXL announces
$125M accelerated share repurchase program
EXL announced that, as part of its capital allocation program, it has entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC to repurchase
$125 million of the company's common stock. Under the ASR, the company will pay an aggregate amount of
$125 million to Morgan Stanley for an initial number of shares of the company's common stock at the beginning of the transaction. The company plans to fund the repurchase with available cash on hand and/or borrowing from its credit facility. The ultimate number of shares of common stock that the company will repurchase under the ASR Agreement will be based on the average of the daily volume-weighted average prices of the common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR.
