Virtualization Technology News and Information
Citrix Authorizes Aggregate $2 Billion Share Repurchase

Citrix Systems, Inc. today announced that its board of directors has authorized the company to repurchase up to an additional $1.7 billion of Citrix common stock, for a total repurchase authorization in excess of $2 billion. Citrix reiterated its plan to return $2 billion of capital to shareholders by buying shares on the open market or through accelerated stock repurchase ("ASR") transactions through the end of 2018.

David Henshall, CEO of Citrix, stated, "With the announcement of our multi-year cloud transition and operational efficiency initiatives, we believe Citrix is well-positioned to generate strong cash flow growth and shareholder value. This $2 billion repurchase program demonstrates our confidence in the plan and our commitment to best-in-class capital return for shareholders."

As part of its capital return program, today Citrix also announced the pricing of a $750 million underwritten public offering of its 4.500% Senior Notes due 2027 ("Notes"), to fund the repurchase of $750 million of its common stock through an ASR transaction, which Citrix has entered into with Citibank, N.A. The effectiveness of the ASR is conditioned upon the closing of the Notes offering. The purchase price per share under the ASR is subject to adjustment and is expected to equal the volume-weighted average price of Citrix's common stock during an averaging period that begins shortly after the ASR becomes effective, less a discount. The exact number of shares repurchased pursuant to the ASR will be determined based on such purchase price.

Published Tuesday, November 14, 2017 9:33 AM by David Marshall
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