CSW Industrials Inc CSWI Board of Directors has authorized a new $100 million share repurchase program, replacing the existing $100 million program.
Under the company’s prior programs, it has repurchased 1.9 million shares to date.
Under the newly authorized program, shares may be repurchased from time to time in the open market or in privately negotiated transactions.
The Board of Directors has established an expiration date of December 31, 2024, to complete the repurchase program.
CSW has increased the revolving credit facility commitment from $400 million to $500 million.
On May 18, 2021, CSWI entered into a five-year, $400 million Revolving Credit Facility agreement that contained a $150 million accordion feature.
It will deploy the incremental commitment for general corporate purposes and to support its strategic growth initiatives.
The company held $13.6 million in cash and equivalents as of September 30, 2022.
Price Action: CSWI shares are trading higher by 0.67% at $115.14 on the last check Friday.
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