Decking-products maker AZEK Co. partners with Goldman Sachs for share repurchase
- AZEK Co. has signed a $100 million accelerated share-repurchase agreement with Goldman Sachs
- The agreement will involve an initial delivery of about 2.3 million shares
- AZEK plans to fund the agreement with cash from operations and proceeds from the sale of its Vycom business
- Upon completion of the agreement, AZEK will have about $102 million remaining on its share-repurchase authorization
AZEK Co. has recently announced a significant move in its financial strategy by signing a $100 million accelerated share-repurchase agreement with Goldman Sachs. The agreement involves an initial delivery of approximately 2.3 million shares. To fund this agreement, AZEK plans to utilize cash from operations and proceeds from the recent sale of its Vycom business. With around 147.7 million shares outstanding and a market capitalization exceeding $5.2 billion, AZEK expects to have approximately $102 million remaining on its share-repurchase authorization upon completion of the agreement, which is scheduled for final settlement no later than February.
Factuality Level: 8
Factuality Justification: The article provides factual information about AZEK Co. signing a $100 million accelerated share-repurchase agreement with Goldman Sachs. It includes details about the initial delivery of shares, funding sources, and the remaining share-repurchase authorization. The information is specific and does not contain any irrelevant or misleading information. However, the article lacks additional context or analysis, which could have provided a more comprehensive understanding of the situation.
Noise Level: 7
Noise Justification: The article provides basic information about AZEK Co. entering into a $100 million accelerated share-repurchase agreement with Goldman Sachs. However, it lacks any analysis or insights into the long-term trends or consequences of this agreement. It also does not provide any evidence or data to support its claims. Overall, the article is mostly filler content and lacks intellectual rigor.
Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to a financial agreement between AZEK Co. and Goldman Sachs, which may impact the stock market and the companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses a financial agreement between AZEK Co. and Goldman Sachs, indicating financial relevance. However, there is no mention of an extreme event or its impact.
Public Companies: AZEK Co. (AZEK)
Private Companies: Goldman Sachs
Key People: Colin Kellaher (Author)
Reported publicly:
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