Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Shivani Kumaresan

American Eagle Outfitters Strengthens Capital Structure - Read How

  • American Eagle Outfitters Inc (NYSE:AEO) has entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase Bank, National Association to repurchase $200 million of the company's shares.
  • The repurchase equates to about 16.7 million shares based on the closing price on June 2, 2022, representing about 8% of the company's outstanding shares.
  • The ASR has been entered related to the existing share repurchase authorization of 30 million shares.
  • American Eagle is also pursuing an upsize and extension of its ABL facility to $600 million with a term of five years to tap additional liquidity.
  • In addition, AEO has entered into exchange agreements with holders of its 3.75% Convertible Senior Notes due 2025 in exchange for a combination of cash and shares of the company's common stock.
  • Price Action: AEO shares are trading higher by 1.42% at $12.15 in premarket on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.