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LXK > SEC Filings for LXK > Form 8-K on 29-Oct-2013All Recent SEC Filings




Other Events

Item 8.01. Other Events.

After the close of the markets on October 24, 2013, Lexmark entered into an accelerated share repurchase agreement ("ASR Agreement") with Bank of America Merrill Lynch ("BofAML"). Pursuant to the terms of the ASR Agreement, Lexmark will purchase $20 million of the outstanding shares of its Class A Common Stock from BofAML. Pursuant to the terms of the ASR Agreement, BofAML delivered 479,955 shares to Lexmark on October 29, 2013, equal to 85 percent of the shares that would be repurchased at a price of $35.42, the closing price of Lexmark's Class A Common Stock on October 24, 2013. The number of shares to be delivered to Lexmark by BofAML under the ASR Agreement shall be adjusted based on a discount to the average of the daily volume weighted average price of Lexmark's Class A Common Stock during the term of the ASR Agreement. If the number of shares to be delivered to Lexmark is less than the initial delivery of shares by BofAML, Lexmark may be required to remit shares or cash to BofAML as a result of such adjustment. The share repurchases are expected to be completed during the fourth quarter of 2013.

After entering into the transaction described above, Lexmark now has approximately $169 million of share repurchase authority remaining.

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