AspenTech Announces Accelerated Share Repurchase Program
August 30 2016 - 8:59AM
Business Wire
Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of
software and services to the process industries, today announced
that it has entered into an accelerated share repurchase (“ASR”)
agreement with J.P. Morgan Securities LLC, as agent for JPMorgan
Chase Bank, National Association, London Branch (“JPMorgan”) to
repurchase $100 million of AspenTech common stock.
Under the terms of the ASR agreement, AspenTech will pay $100
million to JPMorgan and will receive an initial delivery of
approximately 1.75 million shares of AspenTech common stock, based
on current market prices. The final number of shares to be
repurchased will be based on the average of the daily
volume-weighted average share price of AspenTech’s common stock
during the term of the ASR, minus a discount. The final settlement
of the transactions under the new ASR agreement is expected to take
place in the second fiscal quarter 2017.
The ASR agreement is being executed as part of a stock
repurchase program that was authorized previously by AspenTech’s
Board of Directors and had approximately $521 million of funding
remaining as of June 30, 2016. The ASR agreement is part of
AspenTech’s intended repurchase of $400 million worth of stock
during the fiscal year ending June 30, 2017, based on market
conditions and business outlook.
About AspenTech
AspenTech is a leading supplier of software that optimizes
process manufacturing – for energy, chemicals, pharmaceuticals,
engineering and construction, and other industries that manufacture
and produce products from a chemical process. With integrated
aspenONE solutions, process manufacturers can implement best
practices for optimizing their engineering, manufacturing and
supply chain operations. As a result, AspenTech customers are
better able to increase capacity, improve margins, reduce costs and
become more energy efficient. To see how the world’s leading
process manufacturers rely on AspenTech to achieve their
operational excellence goals, visit www.aspentech.com.
© 2016 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen
leaf logo are trademarks of Aspen Technology, Inc. All rights
reserved. All other trademarks are property of their respective
owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20160830005818/en/
Media ContactAspenTechDavid Grip, +1
781-221-5273david.grip@aspentech.comorInvestor
ContactICRBrian Denyeau, +1
646-277-1251brian.denyeau@icrinc.com
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