Summary
Howmet Aerospace Inc. (HWM) announced on May 10, 2021, that it entered into an Accelerated Share Repurchase (ASR) agreement with Morgan Stanley & Co. LLC to buy back $200 million of its common stock. This initiative is part of the company's previously authorized share repurchase program, signaling a commitment to returning value to shareholders. The initial delivery of approximately 4.9 million shares is expected on May 11, 2021, with the final number of shares repurchased to be determined by the volume-weighted average price during the ASR term, less a discount. The ASR program is anticipated to conclude in the second quarter of 2021. Following this repurchase, Howmet Aerospace will still have approximately $77 million available under its existing authorization for further share buybacks. Investors should note the forward-looking statements within the filing, which highlight potential risks and uncertainties that could impact the completion and outcomes of this ASR agreement, including market conditions and broader economic factors.
Key Highlights
- 1Howmet Aerospace entered an Accelerated Share Repurchase (ASR) agreement to repurchase $200 million of common stock.
- 2The ASR is part of the company's previously authorized share repurchase program.
- 3Initial delivery of approximately 4.9 million shares is expected on May 11, 2021.
- 4The final number of shares repurchased will be based on the volume-weighted average price, less a discount.
- 5The ASR agreement is expected to be completed during the second quarter of 2021.
- 6Approximately $77 million remains available for future share repurchases under the existing authorization.