Roofing material and building products distributor Beacon (Nasdaq: BECN) says it has entered an accelerated share repurchase agreement with Citibank N.A to buyback $125 million of Beacon’s common stock.

The agreement accelerates Beacon’s progress under a $500 million share repurchase program announced February 24.

“Accelerating our share repurchase program affirms our commitment to delivering value to stockholders through disciplined capital allocation,” said Julian Francis, president and CEO of Beacon. “This ASR demonstrates our significant confidence in the Ambition 2025 strategic plan outlined during our recent Investor Day.”

Under the agreement, Beacon will make a pre-payment of $125 million to Citibank, N.A and will initially receive a prorated quantity of the company’s common stock on March 15.

“The final number of shares to be repurchased will be based on the daily volume-weighted average price of Beacon’s common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms of the ASR,” Beacon said. “The final settlement of the ASR is expected to be completed in the second quarter of 2022.”