ExlService enters $125M accelerated share repurchase with Citibank under $500M buyback program

ExlService Holdings, Inc.

Company pays Citibank $125 million upfront for initial share delivery under ASR agreement.
Transaction part of previously announced $500 million common stock repurchase program.
Final share count based on daily VWAP over pricing period, subject to adjustments.
Funding from available cash or credit facility; Citibank may deliver additional shares or receive cash at settlement.
Agreement includes standard terms for accelerated buyback, executed on March 15, 2024.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ExlService Holdings, Inc. entered into ASR Agreement with Citibank, N.A. valued at $125 million (effective 2024-03-15).

Action: entry
Agreement: equity purchase
Counterparty: Citibank, N.A.
Value: $125 million
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, ExlService Holdings, Inc. (the “Company”) entered into a master confirmation (the “Master ASR Confirmation”) and a supplemental confirmation (together with the Master ASR Confirmation, the “ASR Agreement”), with Citibank, N.A. (“Citibank”), as part of the Company’s previously announced $500 million common stock repurchase program. Under the ASR Agreement, the Company will pay an aggregate amount of $125 million to Citibank for an initial number of shares of the Company’s common stock

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Source: SEC EDGAR

accession 0001104659-24-035232

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