On February 27, 2024, YETI Holdings, Inc. (the "Company") entered into an accelerated share repurchase agreement (the "ASR Agreement") with Goldman Sachs & Co. LLC (the "Counterparty") to repurchase $100 million of the Company's common stock, par value $0.01 per share (the "Common Stock"). The Company is funding the share repurchases under the ASR Agreement with existing cash on hand.
Under the terms of the ASR Agreement, the Company will make a payment of $100 million to the Counterparty on February 29, 2024, and expects to receive on the same day initial delivery of approximately 2 million shares of Common Stock. The final number of shares to be repurchased by the Company under the ASR Agreement will be based on the volume-weighted average stock price of the Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. At settlement, under certain circumstances, the Counterparty may be required to deliver additional shares of Common Stock to the Company, or under certain circumstances, the Company may be required to deliver shares of Common Stock or to make a cash payment, at its election, to the Counterparty. The final settlement under the ASR Agreement is scheduled to occur in the second quarter of 2024, subject to earlier termination under certain limited circumstances, as set forth in the ASR Agreement.
The ASR Agreement contains customary terms for these types of transactions, including, but not limited to, the mechanisms to determine the number of shares or the amount of cash that will be delivered at settlement, the required timing of delivery of the shares, the specific circumstances under which adjustments may be made to the transaction, the specific circumstances under which the transaction may be terminated prior to the scheduled maturity and various acknowledgements, representations and warranties made by the Company.
From time to time, the Counterparty or its affiliates may have engaged and may engage in the future, in investment or commercial banking transactions with the Company for which such Counterparty has received, or may receive, customary compensation, fees and expense reimbursement.
2024年2月27日、YETI Holdings, Inc.(以下、「当社」)はゴールドマンサックス・アンド・カンパニー株式会社(以下、「対手方」)と共に、1株あたり0.01ドルの普通株式(以下、「普通株式」)100億ドル相当を返済する加速株式買い取り契約(以下、「ASR契約」)を締結しました。当社はASR契約の株式取得を既存の現金で行っています。
ASR契約の条件に基づいて、当社は2024年2月29日に対手方に1億ドルを支払い、同日に約200万株の普通株式の初回納入を受け取ることを予定しています。ASR契約期間中の普通株式の出来高加重平均株価から割引を適用した数に基づき、当社がASR契約の下で返済する株式の最終数は、ASR契約の条項に従って調整される予定です。決済時、一定の状況下では、対手方は当社に追加の普通株式を提供する必要があるか、または一定の状況下では、当社は株式または現金支払いを選択して対手方に提供する必要があるかもしれません。ASR契約の最終決済は2024年第2四半期に予定されており、ASR契約の規定に基づく一定の限られた状況下で、事前に解約される可能性があります。
ASR契約には、株数または現金の決済方法を決定する仕組み、株の納付の必要なタイミング、取引に関する調整が行われる具体的な状況、予定満期前に取引が終了される具体的な状況、および当社が行った一定の認識、表明、保証など、この種の取引における標準的な条件が含まれています。
対手方またはその関連会社は、当社と投資または商業銀行取引に従事したり、今後従事する可能性があり、その対手方が標準の報酬、手数料、費用の償還を受け取ったりすることがあります。