On February 27, 2024, Yeti Holdings, Inc. Entered Into An Accelerated Share Repurchase Agreement With Goldman Sachs & Co. LLC To Repurchase $100M Of The Company's Common Stock
On February 27, 2024, Yeti Holdings, Inc. Entered Into An Accelerated Share Repurchase Agreement With Goldman Sachs & Co. LLC To Repurchase $100M Of The Company's Common Stock
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.
2024年2月27日，YETI Holdings, Inc.（“公司”）与高盛公司签订了加速股票回购协议（“ASR协议”）。有限责任公司（“交易对手”）将回购公司1亿美元的普通股，面值每股0.01美元（“普通股”）。该公司使用现有手头现金为ASR协议下的股票回购提供资金。
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.
根据ASR协议的条款，公司将于2024年2月29日向交易对手支付1亿美元，并预计将在同一天收到约200万股普通股的初始交付。公司根据ASR协议回购的最终股票数量将基于ASR协议期内普通股的交易量加权平均股价减去折扣，并根据ASR协议的条款和条件进行调整。在结算时，在某些情况下，交易对手可能需要向公司交付额外的普通股，或者在某些情况下，公司可能需要交付普通股或根据自己的选择向交易对手支付现金。ASR协议下的最终和解计划于2024年第二季度达成，但根据ASR协议的规定，在某些有限的情况下可以提前终止。
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.
ASR协议包含此类交易的惯用条款，包括但不限于确定将在结算时交付的股票数量或现金金额的机制、所需的股票交割时间、可以对交易进行调整的具体情况、在预定到期日之前终止交易的具体情况以及公司的各种确认、陈述和保证。
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.
交易对手或其关联公司可能已经或可能在未来与公司进行投资或商业银行交易，此类交易对手已获得或可能获得惯常报酬、费用和费用报销。