Men's Wearhouse Announces $100 Mln Accelerated Stock Buybacks

(RTTNews) - The Men's Wearhouse, Inc. (MW) said Monday that it has entered into an agreement with JPMorgan Chase Bank, NA, to repurchase $100 million of the company's common shares under an accelerated share repurchase program.

Men's Wearhouse will acquire those common shares under its $200 million share repurchase authorization announced on March 13, 2013.

At the inception of the accelerated share repurchase program, Men's Wearhouse will receive about 2.2 million common shares, which is about 85% of the number of shares expected to be repurchased in connection with the transaction.

The accelerated share repurchase program is expected to be completed not later than the fourth quarter of 2013. All shares repurchased under the accelerated share repurchase program will be retired.

The company expects to finance the accelerated share repurchase program with cash on hand and/or proceeds from its existing credit facility.