2023-03-08 08:51:30 ET
- Melco ( NASDAQ: MLCO ) entered into a share repurchase agreement with its wholly owned subsidiaries, Melco International Development (MIDL) and Melco Leisure and Entertainment wherein it will repurchase 40.4M of shares from Melco Leisure for purchase price of $169.8M representing $4.2/share.
- On transaction closure, the facility agreement (involving a $250M revolving loan facility granted to MIDL) will also be terminated post the settlement of all amounts due thereunder by MIDL to the company.
- A repayment of $200 million by MIDL to the company was already made in January 2023.
- Also, the company's earlier announced $500M share repurchase program remains in effect, of which ~$412M remains available for future repurchases under the program.
- Earlier, Melco Leisure owned ~727.7M shares (or ~53.1%) of its outstanding shares while post transaction it will own ~51.7% of outstanding shares, post cancellation of the repurchased shares.
For further details see:
Melco launches privately-negotiated share repurchase