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Smith & Wesson (SWHC) +5.8% AH to $9.84 after announcing a $100M buyback, of which $75M will...

Smith & Wesson (SWHC) +5.8% AH to $9.84 after announcing a $100M buyback, of which $75M will happen through a $10/share tender offer. At $10, a $100M buyback would be good for repurchasing 16% of outstanding shares. The program replaces the $15M remaining on a $35M buyback announced in December. SWHC is also announcing a debt refinancing - $75M worth of 5.875% notes due 2017 will be issued, and  9.5% notes due 2016 and carrying a principal value of $42.8M will be redeemed. The company expects net proceeds of $25M from the two debt deals.
Comments (2)
  • Good move.
    13 Jun 2013, 04:55 PM Reply Like
  • Finally !!! Been wait for good news since December. I've held through some very thin times.
    13 Jun 2013, 05:10 PM Reply Like
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