FX.co ★ Blackbaud To Buy Back 7-10% Of Common Stock, Initiates $200 Mln ASR Plan

On Monday, Blackbaud Inc., conveyed its intent to repurchase 7-10% of its common stock by the end of 2024. This move is in line with the company's previously announced $500 million share buyback program.

Simultaneously, Blackbaud has entered into an Accelerated Share Repurchase (ASR) agreement with Bank of America, committing to buy back $200 million worth of the company's common stock. Since December 2023, Blackbaud has already successfully repurchased approximately $77 million of its common stock, excluding the ASR announced today.

The funds for the ASR, as well as other repurchases falling under the $500 million authorization, will be sourced from cash reserves, operating cash flow, and, if required, borrowings from the existing credit facility.