BWXT Announces $200 Million Accelerated Share Repurchase
BWX Technologies, Inc. (NYSE:BWXT) announced today that it has entered into an accelerated share repurchase (ASR) agreement with
Wells Fargo Bank, National Association to repurchase an aggregate of $200 million of the Company’s common stock. The ASR agreement
was entered into under the Company’s previously authorized share repurchase program which had $253.4 million remaining as of June
30, 2016.
Under the ASR agreement, BWXT received approximately 4.1 million shares at the inception of the ASR. The total number of shares
ultimately repurchased under the agreement will be determined upon final settlement, expected no later than the first quarter of
2017, using prices based generally on the volume-weighted average price of the Company’s common stock.
“We are committed to efficiently utilizing our strong balance sheet to enhance shareholder value,” said David S. Black, Senior
Vice President and Chief Financial Officer. “When combined with our recent acquisition announcement and quarterly dividend, this
ASR further demonstrates our commitment to our balanced capital approach while maintaining flexibility to support additional growth
opportunities.”
The ASR agreement will be funded through cash on hand and our existing credit facility, which was recently amended. As of June
30, 2016, the Company had cash and cash equivalents of approximately $98 million and availability under our credit facility of $288
million. The credit facility amendment executed on September 2, 2016 included an additional term loan facility in an aggregate
principal amount of up to $250 million.
About BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (BWXT) is a leading supplier of nuclear components and fuel to the
U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and
environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power
industry. BWXT has more than 5,400 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.;
Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the
country. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.
BWXT Investor Contact
Alan Nethery
Vice President, Investor Relations
980.365.4300
investors@bwxt.com
or
BWXT Media Contact
Jud Simmons
Director, Communications
434-522-6462
hjsimmons@bwxt.com
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