Designer Brands To Repurchase Up To $100 Mln Of Class A Shares

(RTTNews) - Designer Brands Inc. (DBI), a footwear and fashion accessories provider, announced on Thursday that its Board has authorized to repurchase of up to $100 million of Class A shares through a modified Dutch Auction tender offer, at a price not less than $7 per share and not more than $8 per share. The retailer intends to commence the offer on June 8, with an expiry date of July 7.

To finance the repurchase, DBI intends to ink a $135 million term loan deal.

Doug Howe, Designer Brands CEO, said: "…This decision by the Board represents a significant investment in our own stock at what we believe are very attractive prices and reflects our belief that returning capital to shareholders is a prudent use of our anticipated term loan."