BOSTON, June 16, 2014 /PRNewswire/ -- PAREXEL
International Corporation (Nasdaq: PRXL) announced today that it
has entered into an Accelerated Share Repurchase (ASR) agreement
with Goldman Sachs & Co. to repurchase an aggregate of
$150 million of the Company's common
stock. The ASR is part of the Company's share repurchase
program authorizing the repurchase of up to $150 million, as originally announced on
June 2, 2014.
Under the ASR agreement, PAREXEL will receive approximately 2.3
million shares at the inception of the ASR. The total number
of shares ultimately repurchased under the agreement will be
determined upon final settlement, using prices based generally on
the volume-weighted average price of the Company's common stock
over a period of time not expected to exceed approximately six
months.
The ASR will be funded through cash on hand, and/or existing
credit facilities. As of March 31,
2014, the Company had cash and cash equivalents of
approximately $299 million and
availability under an existing line of credit of $290 million.
Josef von Rickenbach, Chairman
and CEO of PAREXEL stated, "The accelerated share repurchase
program represents an important step toward continuing to optimize
the capital structure of the Company, and demonstrates our
commitment to creating, enhancing, and returning value to
shareholders."
The repurchased shares will be cancelled and returned to the
status of authorized and unissued shares. As of March 31, 2014, PAREXEL had approximately 56.9
million common shares outstanding.
About the Company
PAREXEL International Corporation is a leading global
bio/pharmaceutical services organization, providing a broad range
of knowledge-based contract research, consulting, and medical
communications services to the worldwide pharmaceutical,
biotechnology and medical device industries. Committed to providing
solutions that expedite time-to-market and peak-market penetration,
PAREXEL has developed significant expertise across the development
and commercialization continuum, from drug development and
regulatory consulting to clinical pharmacology, clinical trials
management, medical education and reimbursement. PAREXEL
Informatics, Inc., a subsidiary of PAREXEL, provides advanced
technology solutions, including medical imaging, to facilitate the
clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 75
locations throughout 50 countries around the world, and has
approximately 15,335 employees. For more information about PAREXEL
International visit www.PAREXEL.com.
PAREXEL is a registered trademark of PAREXEL International
Corporation, and Perceptive Informatics is a trademark of
Perceptive Informatics, Inc. All other names or marks may be
registered trademarks or trademarks of PAREXEL International
Corporation, Perceptive Informatics, Inc. or their respective
owners and are hereby acknowledged.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding the Company's intention to repurchase shares
of its common stock from time to time under the stock repurchase
program, the intended use of any repurchased shares, the source of
funding for the stock repurchase program, and the Company's
expected financial results, future growth and customer
demand. For this purpose, any statements contained
herein that are not statements of historical fact may be deemed
forward-looking statements. Without limiting the foregoing,
the words "believes," "anticipates," "plans," "expects," "intends,"
"appears," "estimates," "projects," "will," "would," "could,"
"should," "targets," and similar expressions are also
intended to identify forward-looking statements. The
forward-looking statements in this release involve a number of
risks and uncertainties. The Company's actual future results
and actual events may differ significantly from those suggested or
indicated in the forward-looking statements contained in this
release. Important factors that might cause such a difference
include, but are not limited to, the market price of the Company's
stock prevailing from time to time, the nature of other investment
opportunities presented to the Company from time to time, the
Company's cash flow from operations, general economic conditions
and other factors discussed more fully in the section entitled
"Risk Factors" of the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2014 as
filed with the SEC on May 2, 2014,
which "Risk Factors" discussion is incorporated by reference in
this press release. The Company specifically disclaims any
obligation to update these forward-looking statements in the
future. These forward-looking statements should not be relied
upon as representing the Company's estimates or views as of any
date subsequent to the date of this press release.
CONTACTS: |
Ingo Bank, Senior Vice President and Chief
Financial Officer |
|
Jill Baker, Corporate
Vice President of Investor Relations
|
|
+1-781-434-4118
|
SOURCE PAREXEL International Corporation