ATLANTA--(BUSINESS WIRE)--Aug. 29, 2013--
Carter’s, Inc. (NYSE:CRI) today announced that as part of its efforts to
improve the Company’s capital structure and return capital to
shareholders, it has entered into agreements with JPMorgan Chase Bank,
N.A., to repurchase $400 million of its common shares under an
accelerated share repurchase (“ASR”) program. The Company will acquire
these common shares under the $700 million share repurchase
authorization announced on August 22, 2013.
The Company expects to receive approximately 75% of the shares at the
inception of the ASR program. The specific number of shares that the
Company ultimately will repurchase will be determined at the completion
of the ASR program, based generally on the daily volume-weighted average
share price of the Company’s common stock during a period of up to eight
months, less an agreed discount and, with respect to $100 million of the
ASR program, subject to provisions that establish a minimum and maximum
number of repurchased shares. At settlement, the Company will either be
entitled to receive additional shares of common stock or, under certain
circumstances, be required to remit a settlement amount, payable, at the
Company’s option, in cash or common stock. All common shares repurchased
under the accelerated share repurchase program will be retired.
About Carter's, Inc.
Carter's, Inc. is the largest branded marketer in the United States of
apparel and related products exclusively for babies and young children.
The Company owns the Carter's and OshKosh B'gosh brands,
two of the most recognized brands in the marketplace. These brands are
sold in leading department stores, national chains, and specialty
retailers domestically and internationally. They are also sold through
more than 700 Company-operated stores in the United States, Canada, and
Japan and on-line at www.carters.com
The Company's Just One You, Precious Firsts, and Genuine
Kids brands are available at Target, and its Child of Mine
brand is available at Walmart. Carter's is headquartered in Atlanta,
Georgia. Additional information may be found at www.carters.com.
This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to the ASR program. Such
statements are based on current expectations only, and are subject to
certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated, or projected. Factors that could cause
actual results to materially differ include the risk of varying results
and settlement of the ASR. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Source: Carter’s, Inc.
Sean McHugh, 404-745-2889
Investor Relations & Treasury