BEDFORD, Mass.--(BUSINESS WIRE)--Aug. 30, 2016--
Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software
and services to the process industries, today announced that it has
entered into an accelerated share repurchase (“ASR”) agreement with J.P.
Morgan Securities LLC, as agent for JPMorgan Chase Bank, National
Association, London Branch (“JPMorgan”) to repurchase $100 million of
AspenTech common stock.
Under the terms of the ASR agreement, AspenTech will pay $100 million to
JPMorgan and will receive an initial delivery of approximately 1.75
million shares of AspenTech common stock, based on current market
prices. The final number of shares to be repurchased will be based on
the average of the daily volume-weighted average share price of
AspenTech’s common stock during the term of the ASR, minus a discount.
The final settlement of the transactions under the new ASR agreement is
expected to take place in the second fiscal quarter 2017.
The ASR agreement is being executed as part of a stock repurchase
program that was authorized previously by AspenTech’s Board of Directors
and had approximately $521 million of funding remaining as of June 30,
2016. The ASR agreement is part of AspenTech’s intended repurchase of
$400 million worth of stock during the fiscal year ending June 30, 2017,
based on market conditions and business outlook.
AspenTech is a leading supplier of software that optimizes process
manufacturing – for energy, chemicals, pharmaceuticals, engineering and
construction, and other industries that manufacture and produce products
from a chemical process. With integrated aspenONE solutions, process
manufacturers can implement best practices for optimizing their
engineering, manufacturing and supply chain operations. As a result,
AspenTech customers are better able to increase capacity, improve
margins, reduce costs and become more energy efficient. To see how the
world’s leading process manufacturers rely on AspenTech to achieve their
operational excellence goals, visit www.aspentech.com.
© 2016 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen leaf
logo are trademarks of Aspen Technology, Inc. All rights reserved. All
other trademarks are property of their respective owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830005818/en/
Source: Aspen Technology, Inc.
David Grip, +1 781-221-5273
Brian Denyeau, +1 646-277-1251