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ALB > SEC Filings for ALB > Form 8-K on 30-Apr-2014All Recent SEC Filings

Show all filings for ALBEMARLE CORP



Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure.

On April 30, 2014, Albemarle Corporation (the "Company") entered into a trade confirmation (the "Confirmation") with JPMorgan Chase Bank, National Association ("JPMorgan"), acting through its agent, J.P. Morgan Securities LLC ("JPMS"), with respect to an accelerated share repurchase program (the "ASR Program"). Pursuant to the terms of the Confirmation, the Company will purchase $100 million of its common stock from JPMorgan. The Company will acquire the shares under the share repurchase program previously authorized by the Company's board of directors (the "Buyback Program"). Approximately 5.2 million shares remain authorized for repurchase under the Buyback Program. The purchases will be funded with a combination of available cash and commercial paper borrowings.

The total number of shares to ultimately be purchased by the Company under the ASR Program will generally be based on the average of the daily Rule 10b-18 volume-weighted average prices of the Company's common stock during the term of the ASR Program, less an agreed discount. The shares will be purchased in two $50 million tranches that may be settled separately or simultaneously. The actual number of shares purchased will be determined at the completion of the ASR Program. The settlement of the ASR Program may be accelerated and the number of shares to be delivered may be adjusted upon the announcement or occurrence of certain corporate events, including without limitation tender offers, delisting, merger events or insolvency. The ASR Program will be terminated at any time that the Company's share price is at or below $33.50 per share. The ASR Program is expected to be completed by the end of July 2014.

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