EVERTEC, Inc. Files 8-K Report

TL;DR

EVTC filed an 8-K, standard disclosure, no major news yet.

AI Summary

On March 4, 2024, EVERTEC, Inc. filed an 8-K report. The filing primarily concerns a Regulation FD Disclosure and Other Events, with no specific financial figures or new material events detailed in the provided text. The report confirms the company's identity and filing details with the SEC.

Why It Matters

This 8-K filing serves as an official notification to the SEC and the public about company events, though the provided excerpt does not contain specific material information.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing notification and does not contain information that would immediately suggest a change in risk for the company.

Key Players & Entities

• EVERTEC, Inc. (company) — Registrant
• 0001559865-24-000010 (dollar_amount) — Accession Number
• March 4, 2024 (date) — Date of earliest event reported
• Puerto Rico (location) — State of incorporation

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share EVTC New York Stock
• $220 million — re repurchases of up to an aggregate of $220 million worth of shares of the Company's common
• $137 million — program authorization had approximately $137 million remaining. Under the repurchase program
• $70 million — erparty") to repurchase an aggregate of $70 million of the Company's common stock, par valu
• $150 million — ter giving effect to the ASR Agreement, $150 million will remain available for share repurch

Filing Documents

• evtc-20240304.htm (8-K) — 35KB
• exhibit991asr.htm (EX-99.1) — 5KB
• everteclogoe12.jpg (GRAPHIC) — 205KB
• 0001559865-24-000010.txt ( ) — 442KB
• evtc-20240304.xsd (EX-101.SCH) — 2KB
• evtc-20240304_lab.xml (EX-101.LAB) — 22KB
• evtc-20240304_pre.xml (EX-101.PRE) — 13KB
• evtc-20240304_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events On March 4, 2024 the Board of Directors of Evertec, Inc. (the "Company" or "Evertec") approved an increase to Evertec's existing share repurchase authorization to permit future repurchases of up to an aggregate of $220 million worth of shares of the Company's common stock, par value $0.01 per share (the "Common Stock") by December 31, 2025. Prior to this increase, the Company's share repurchase program authorization had approximately $137 million remaining. Under the repurchase program, the Company may repurchase shares in the open market, through accelerated share repurchase programs, Rule 10b5-1 plans, or in privately negotiated transactions, subject to business opportunities and other factors. On March 6, 2024, Evertec entered into an accelerated share repurchase agreement (the "ASR Agreement") with Bank of America, N.A. (the "ASR Counterparty") to repurchase an aggregate of $70 million of the Company's common stock, par value $0.01 per share (the "Common Stock"). The Company is funding the share repurchases under the ASR Agreement which are being made pursuant to the Company's $220 million share repurchase program. After giving effect to the ASR Agreement, $150 million will remain available for share repurchases under the Company's share repurchase program. Under the terms of the ASR Agreement, the Company will make a payment of $70 million to the ASR Counterparty on March 8, 2024, and expects to receive on the same day an initial delivery of approximately 1.5 million shares of Common Stock from the ASR Counterparty. The final number of shares to be repurchased by the Company will be based on the average of the daily volume-weighted average price of the Company's Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. The resulting adjustments may affect the total amount expended by the Company or the aggregate number of shares it repurch

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On March 6, 2024, the Company issued a press release regarding the foregoing announcements. A copy of the press release announcing the discussed above is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. Note : The information contained in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Number Exhibit 99.1 Press Release re: ASR announcement issued by EVERTEC, Inc. dated March 6, 2024

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EVERTEC, Inc. (Registrant) Date: March 6, 2024 By: /s/ Joaquin A. Castrillo-Salgado Name: Joaquin A. Castrillo-Salgado Title: Chief Financial Officer EXHIBIT INDEX Number Exhibit 99.1 Press Release re: ASR announcement issued by EVERTEC, Inc. dated March 6, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

View Full Filing

View this 8-K filing on SEC EDGAR