The AZEK Company Announces $50 Million Accelerated Share Repurchase Program
May 11 2022 - 6:00PM
Business Wire
The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”),
the industry-leading manufacturer of beautiful, low-maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking, Versatex® and AZEK Trim®, and StruXure™
pergolas, today announced it has entered into an accelerated share
repurchase agreement (“ASR”) with JPMorgan Chase Bank, National
Association (“JPMorgan”) to repurchase $50 million of the Company’s
Class A common stock.
The Company is funding the share repurchases under the ASR with
existing cash resources. Under the terms of the ASR, the Company
will receive an initial delivery of approximately 2.4 million
shares of Class A common stock from JPMorgan, with the final
settlement scheduled to occur no later than July, 2022. The final
number of shares to be repurchased under the ASR will be based
generally on the average of AZEK’s daily volume-weighted average
price per share of Class A common stock during a repurchase period,
less a discount and subject to adjustments pursuant to the terms
and conditions of the ASR.
At settlement, JPMorgan may be required to deliver additional
shares of Class A Common Stock to the Company, or the Company may
be required either to make cash payments or deliver shares of Class
A Common Stock to JPMorgan, at the Company’s election. The ASR
Agreement contains customary provisions for agreements of this
type, including provisions for adjustments to the transaction
terms, the circumstances under which the ASR Agreement may be
accelerated, extended or terminated, and various representations
and warranties made by the parties to one another.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and Versatex® AZEK Trim® and StruXure™
pergolas. Consistently recognized as the market leader in
innovation, quality and aesthetics, products across AZEK’s
portfolio are made from up to 100% recycled material and primarily
replace wood on the outside of homes, providing a long-lasting,
eco-friendly, and stylish solution to consumers. Leveraging the
talents of its approximately 2,000 employees and the strength of
relationships across its value chain, The AZEK Company is committed
to accelerating the use of recycled material in the manufacturing
of its innovative products, keeping millions of pounds of waste out
of landfills each year, and revolutionizing the industry to create
a more sustainable future. Headquartered in Chicago, Illinois, the
company operates manufacturing facilities in Ohio, Pennsylvania,
Georgia, and Minnesota, and recently announced a new facility will
open in Boise, Idaho. For additional information, please visit
azekco.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains or refers to certain forward-looking
statements within the meaning of the federal securities laws and
subject to the "safe harbor" protections thereunder.
Forward-looking statements are statements about future events and
are based on our current expectations. These forward-looking
statements may be identified by the words “believe,” “hope,”
"expect," "intend," "will," "target," “anticipate,” "goal" and
similar expressions. Projected financial information and
performance are forward-looking statements. Other forward-looking
statements may include, without limitation, statements with respect
to the Company’s liquidity outlook, share repurchase plans and the
expected completion date of the ASR. The Company bases its
forward-looking statements on information available to it on the
date of this release and undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of changed circumstances, new information, future events, or
otherwise, except as may otherwise be required by law. Actual
future events could also differ materially due to numerous factors
that involve substantial known and unknown risks and uncertainties
including, among other things, the risks and uncertainties set
forth under "Risk Factors" and elsewhere in the Company's reports
on Form 10-K and Form 10-Q and the other risks and uncertainties
discussed in any subsequent reports that the Company files with the
Securities and Exchange Commission from time to time. Although we
have attempted to identify those material factors that could cause
actual results or events to differ from those described in such
forward-looking statements, there may be other factors that could
cause actual results or events to differ from those anticipated,
estimated or intended. Given these uncertainties, investors are
cautioned not to place undue reliance on our forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220511005962/en/
Investor Relations Contact: Amanda Cimaglia 312-809-1093
ir@azekco.com
Media Contact: Rachel Mihulka 402-980-9603
AZEKquestions@zenogroup.com
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