DALLAS, Feb. 10, 2016 /PRNewswire/ -- Lennox
International Inc. (NYSE: LII) today announced it has entered into
an accelerated share repurchase agreement (ASR) with Merrill Lynch
International, acting through its agent, Merrill Lynch, Pierce,
Fenner and Smith Incorporated, to repurchase $200 million of Lennox International's common
stock.
Under the terms of the ASR, Lennox International has agreed to
repurchase $200 million in total of
its common stock from Merrill Lynch International with an initial
delivery of approximately 1.3 million shares based on current
market prices. The final number of shares to be repurchased will be
based on Lennox International's volume-weighted average stock
price, less a discount, during the term of the ASR program. The ASR
is expected to be completed in the second quarter of 2016.
Lennox International Inc. is a global leader in the heating, air
conditioning, and refrigeration markets. Lennox International stock
is listed on the New York Stock Exchange and traded under the
symbol "LII". Additional information is available at
www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor
Relations, at 972-497-6670.
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SOURCE Lennox International Inc.