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 and railing, Versatex® and AZEK® Trim and StruXure® pergolas, today announced it has entered into an accelerated share repurchase agreement (“ASR”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $50 million of the Company’s Class A common stock.
The Company is funding the share repurchases under the ASR with cash on hand. Under the terms of the ASR, the Company will receive an initial delivery of approximately 0.9 million shares of Class A common stock from Goldman Sachs, with the final settlement scheduled to occur no later than August, 2024. 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. After the ASR is completed, the Company will have approximately $625 million remaining on its share repurchase program.
