News

Papa John's enters $100M accelerated share repurchase

March 1, 2018

Papa John's International today said it has entered into a $100 million accelerated share repurchase agreement with Bank of America, N.A. The company will acquire shares under the ASR Agreement as part of its $500 million share repurchase authorization previously announced on Aug. 1, 2017, a news release said.

Papa John's will pay Bank of America $100 million in cash, initially receiving a "substantial majority of the shares of the company's common stock it expects to repurchase" under the agreement.

The number of shares will be based on an average of daily volume-weighted average common stock prices during the term minus an agreed discount. Final settlement is expected by Q3 2018.