Tampa Bay-based Masonite International Corporation (NYSE: DOOR), a manufacturer and distributor of interior and exterior doors, announced it has entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC. to repurchase an aggregate of $100 million of the company’s outstanding common shares.

The agreement is part of Masonite’s existing share repurchase program, which has approximately $256 million remaining available for future share repurchase activity.

Under the terms of the agreement, Masonite will receive an aggregate initial delivery of approximately 848 thousand common shares in exchange for a prepayment of $100 million. These shares will be retired by the company in the first quarter of 2022, Masonite said.

Final settlement under the agreement, including any incremental share delivery, is expected to occur during or prior to the third quarter of 2022, the company said.