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LXK > SEC Filings for LXK > Form 8-K on 28-Jul-2014All Recent SEC Filings




Other Events

Item 8.01. Other Events.

After the close of the markets on July 24, 2014, Lexmark International, Inc. (the "Company") entered into an accelerated share repurchase agreement ("ASR Agreement") with JPMorgan Chase Bank, N.A., London Branch ("JPMorgan"). Pursuant to the terms of the ASR Agreement, the Company will purchase $18 million of the outstanding shares of its Class A Common Stock from JPMorgan. Under the ASR Agreement, JPMorgan will deliver 318,087 shares to the Company on July 29, 2014, equal to 85 percent of the shares that would be repurchased at a price of $48.10, the closing price of the Company's Class A Common Stock on May 6, 2014. The number of shares to be delivered to the Company by JPMorgan under the ASR Agreement shall be adjusted based on a discount to the average of the daily volume weighted average price of the Company's Class A Common Stock during the term of the ASR Agreement. If the number of shares to be delivered to the Company is less than the initial delivery of shares by JPMorgan, the Company may be required to remit shares or cash to JPMorgan as a result of such adjustment. The share repurchases are expected to be completed during the second quarter of 2014.

After entering into the transaction described above, the Company now has approximately $111 million of share repurchase authority remaining.

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