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

(RTTNews) - Monday, Blackbaud, Inc. (BLKB) announced its plan to buy back 7-10 percent of common stock by the end of 2024, as part of its previously announced $500 million share repurchase authorization.

In line with the above-stated plan, the Company has entered into an Accelerated Share Repurchase or ASR agreement with Bank of America, N.A., to buy back $200 million of the Company's common stock.

Blackbaud has already repurchased approximately $77 million of common stock since December 2023, excluding the ASR announced today.

The funding for the ASR and other repurchases under the $500 million authorization will come from cash reserves, operating cash flow, and, if necessary, borrowings from the existing credit facility.