Davis Polk advised the dealer in connection with an uncollared accelerated share repurchase by Louisiana-Pacific Corporation, pursuant to which LP is repurchasing $400 million of its common stock. Under the terms of the ASR, LP will receive an initial delivery of approximately 11.9 million shares on February 21, representing approximately 80% of the number of shares of common stock initially underlying the ASR agreement, based on the closing price of the company’s common stock of $26.79 on February 15. The final number of shares to be repurchased will be based on the volume-weighted average price of LP’s common stock during the term of the ASR, less a discount, and is expected to be completed no later than the end of the third quarter of 2019. The ASR will be completed under LP’s existing share repurchase authorization, under which $600 million of authority was announced on February 13, 2019.
Headquartered in Nashville, Tennessee, LP is a leading building solutions company that invents, manufactures and delivers uniquely engineered, innovative building products that are backed by unparalleled service, strong customer support and industry leading warranties.
The Davis Polk equity derivatives team included partner Mark M. Mendez and associates Caitlin L. Wood, Joseph Luizzi and Justin Lashley. All members of the Davis Polk team are based in the New York office.