Denny's announced that the company has entered into a variable term, capped accelerated share repurchase, or ASR, agreement with MUFG Securities EMEA to repurchase an aggregate $25M of the company's common stock. The ASR agreement is part of the company's share repurchase program authorizing the repurchase of up to $200M of common stock as originally announced on October 31, 2017. The ASR agreement will be funded primarily through the company's existing $400M revolving credit facility. As of September 26, the Company had $278M of funded debt under its existing credit facility and approximately $159M remaining in existing share repurchase authorization. The total aggregate number of shares of company common stock to be repurchased pursuant to the ASR agreement will be based generally on the average of the daily volume-weighted average prices of the company's common stock, less a fixed discount, over the term of the ASR agreement, subject to a minimum number of shares. The ASR agreement is expected to be completed no later than March 2019, although the completion date may be accelerated or, under certain circumstances, extended, at MUFG's option. All shares of the Company's common stock delivered under the ASR will be immediately converted to treasury shares.
