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https://i-invdn-com.investing.com/news/LYNXNPEC0K08U_M.jpgThe company has also secured additional capped call transactions with some of the initial purchasers and other financial institutions. These financial instruments are often used to reduce the potential dilution to existing shareholders upon conversion of the notes.
Alongside this financial maneuver, Parsons’ Board of Directors has renewed the company’s stock repurchase program, authorizing up to $100 million in buybacks and removing the previous $25 million quarterly limit. This reflects a strategy to invest in both organic growth and acquisitions, following the successful completion of three acquisitions in 2023.
Carey Smith, Chair, President, and CEO of Parsons, emphasized the company’s strategic positioning, stating, “Parsons has the right team and the right portfolio at the right time to deliver the innovative solutions in national security and global infrastructure that our customers need and our world demands.”
The notes, due in 2029, are only offered to qualified institutional buyers and are not registered under the Securities Act or any other securities laws. Consequently, they cannot be sold or offered without registration or an exemption from these requirements.
Parsons specializes in disruptive technology solutions across various sectors, including cyber and intelligence, space and missile defense, and critical infrastructure protection. Its portfolio aims to address the growing needs in national security and infrastructure.
The information for this article is based on a press release statement from Parsons Corporation.
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