Courtesy of Benzinga.
Belden Inc. (NYSE: BDC) today announced that it has entered into a prepaid variable share repurchase agreement with UBS AG to repurchase $25 million of Belden common stock. The price of the shares repurchased will be determined based on a discount to certain volume weighted average trading prices of the Company’s common stock over the contract period.
The shares delivered to the Company under the repurchase agreement will be held as treasury stock when delivered. The $25 million payment under the repurchase agreement will be funded with available cash and is part of the $150 million share repurchase program announced by the Company in its second quarter earnings release.
