|[December 04, 2013]
Polycom Announces $115 Million Accelerated Share Repurchase Program
SAN JOSE, Calif. --(Business Wire)--
Inc. (Nasdaq: PLCM), the global leader in open,
standards-based unified communications and collaboration (UC&C), today
announced plans to repurchase an aggregate of $115 million of common
stock through an accelerated share repurchase (ASR) program. The Company
has entered into separate ASR agreements with JPMorgan Chase Bank, N.A.
and Barclays PLC. Today's announcement represents the concluding phase
of Polycom's (News - Alert) $400 million Return of Capital program announced on
September 11, 2013.
Under the terms of the ASR transactions, Polycom has agreed to
repurchase a combined $115 million of its common stock with an initial
delivery of approximately 8.0 million shares. The final number of shares
to be repurchased will be based on Polycom's volume-weighted average
stock price less an agreed upon discount during the term of the
transactions. The transactions are expected to be completed by June 30,
2014 and will be funded with cash on hand.
Polycom has repurchased approximately 27.4 million shares or $285
million year to date pursuant to the $400 million Return of Capital
program, including shares acquired in the modified Dutch tender offer in
October 2013. Upon completion of the Return of Capital program,
including the ASR component, Polycom expects that it will have
repurchased approximately 22% of shares outstanding for the benefit of
shareholders. In addition, Polycom repurchased $102 million in common
stock earlier in 2013, prior to the initiation of the $400 million
Return of Capital program.
About Polcom, Inc.
Polycom is the global leader in open, standards-based unified
communications and collaboration (UC&C) solutions for voice and video
collaboration, trusted by more than 415,000 customers around the world.
Polycom solutions are powered by the Polycom® RealPresence® Platform,
comprehensive software infrastructure and rich APIs that interoperate
with the broadest set of communication, business, mobile and cloud
applications and devices to deliver secure face-to-face video
collaboration in any environment. Polycom and its ecosystem of over
7,000 partners provide truly unified communications solutions that
deliver the best user experience, highest multi-vendor interoperability,
and lowest TCO. Visit www.polycom.com
or connect with us on Twitter,
to learn how we're pushing the greatness of human collaboration forward.
Forward Looking Statements
This release contains forward-looking statements, including those
regarding the expected completion date of the ASR transactions, the
number of shares of common stock that will be initially delivered to the
Company under the ASR transactions, the Company's expectation that it
will finance the ASR transactions with cash on hand and the percentage
of shares outstanding that it expects to repurchase pursuant to the
Company's Return of Capital program. These forward-looking statements
are not guarantees and are subject to risks, uncertainties and
assumptions that could cause results to differ, including (1)
developments or changes in economic or market conditions, (2)
developments or changes in the securities markets, (3) developments or
changes in the business or condition of the Company or in our cash
flows, (4) competition, and (5) the factors identified under "Risk
Factors" in the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2013, and in other reports filed by Polycom with the
SEC (News - Alert). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to Polycom's
expectations as of the date hereof. Polycom disclaims any intent or
obligations to update these forward-looking statements.
© 2013 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom logo,
and the names and marks associated with Polycom's products are
trademarks and/or service marks of Polycom, Inc. and are registered
and/or common law marks in the United States and various other
countries. All other trademarks are property of their respective owners.
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