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PAREXEL International Provides Update On Share Repurchase Program, Announces A New $50 Million Accelerated Share Repurchase Agreement And A New $50 Million 10b5-1 Trading Plan
Date:3/14/2013

BOSTON, March 14, 2013 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL) today provided an update and announced the next steps with regard to the Company's share repurchase program.

As originally announced on August 8, 2012, the Company's Board of Directors authorized the repurchase of up to $200 million of the Company's common stock.  In conjunction with a 10b5-1 open market trading plan that was announced on September 17, 2012, the Company repurchased approximately 1.6 million shares for $50 million.  In conjunction with a $50 million Accelerated Share Repurchase (ASR) agreement that was also announced on September 17, 2012, approximately 1.33 million shares were delivered at the inception of the ASR in September 2012, and the Company currently expects to receive approximately 265,000 additional shares of the Company's common stock upon maturity of the ASR, which is expected to be March 26, 2013.  Thus far, PAREXEL has paid out a total of $100 million under its repurchase programs.

The Company also reported that it has entered into a new ASR agreement to repurchase an aggregate of $50 million of the Company's common stock, and a new open market 10b5-1 trading plan to repurchase an additional $50 million worth of shares of its common stock.  Both plans are with J.P. Morgan Securities LLC, or its affiliates.

Under the new ASR agreement, PAREXEL will pay $50 million and will receive an initial amount of approximately 1.1 million shares of its common stock on March 15, 2013.  The total number of shares ultimately repurchased under the ASR agreement will be determined upon final settlement, using prices based generally on the volume-weighted average price of the Company's common stock over a period of time not expected to exceed approximately six months. 

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