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(RTTNews) - United Therapeutics Corp. (UTHR) announced on Monday that its Board has authorized the company to repurchase up to $1 billion of shares.
"This program builds on United Therapeutics' planned $400 million paydown of its revolving credit facility in 2024, of which $100 million was paid down during the first quarter of 2024," the company said.
To enact the repurchase, the company will enter into an Accelerated Share Repurchase or ASR deal with Citibank, N.A.
Under the terms, United Therapeutics will make an upfront payment of $1 billion to Citi and will receive an initial delivery of shares representing around 80 percent of the total shares that would be repurchased.
The final settlement of the ASR is expected to be completed in the second quarter with respect to $300 million, and in the third quarter with respect to $700 million of the ASR.
As of February 14, the drug maker had around 47.1 million shares outstanding.
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