BSM in $5 Billion aggregate accelerated share repurchase agreements

Bristol Myers Squibb has entered into accelerated share repurchase (ASR) transactions under agreements with Morgan Stanley & Co. LLC, Barclays Bank PLC, Citibank, N.A. and JPMorgan Chase Bank, N.A., (collectively, the “ASR Agreements”) to repurchase, in aggregate, $5 billion of Bristol Myers Squibb common stock.

BSM said that, under the ASR Agreements, the ASR transactions will be completed under a previously announced $15 billion board-authorized multi-year share repurchase program, under which the company will have approximately $10.2 billion of remaining share repurchase authorization after giving effect to the ASR transactions.

Bristol Myers Squibb said it expects to fund the repurchases with cash on-hand. Approximately 85 percent of the shares to be repurchased under the ASR transactions will be received by Bristol-Myers Squibb on February 9, 2022. The total number of shares ultimately repurchased under the ASR transactions will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Bristol-Myers Squibb’s common stock during the terms of the ASR transactions. Bristol-Myers Squibb anticipates that these ASR transactions will be settled during the second and third quarters of 2022.