real-time news and commentary for investors
Wednesday, Sep 11
Polycom announces $400M buyback, shares +8% premarket
- The buyback is good for repurchasing 22% of shares at current levels. Polycom (PLCM) will pay for it using existing cash and a $250M term loan. $250M of the shares will be purchased through a Dutch auction self-tender offer. (PR)
- All buybacks are expected to be finished within one year. The term loan will carry an interest rate of LIBOR +1.75%, and mature in 5 years.
- Polycom shares have been range-bound for a long time, and remain well below their 2011 highs.
- Previous: Polycom halted