CSW Industrials provides updates to share repurchase program and revolving credit facility

• CSW Industrials (NASDAQ:CSWI) authorized a new $100M share repurchase program, which replaces the existing $100M program. Under the company’s prior programs, the company has repurchased 1.9M shares to date.
• The repurchase program expires on December 31, 2024
• The company also amended its existing $400M revolving credit facility that contained a $150 million accordion feature, to utilize a portion of the accordion feature, thus increasing the commitment from $400M to $500M, and concurrently reduced the available incremental accordion by a corresponding amount.
• The company expects to employ the incremental commitment for general corporate purposes and to support its strategic growth initiatives.
• The additional commitment further bolsters liquidity and provides additional flexibility to execute the fiscal 2024 plan.
• The company also reaffirms commitment to capital allocation strategy previously published.
• The company targets a sustained leverage ratio of 1x to 3x total debt to EBITDA and retains the flexibility to exceed the maximum sustained leverage ratio for a limited time to support strategic investment opportunities.