Altera adds 30M shares to buyback plan, plans to issue debt

|About: Altera Corporation (ALTR)|By:, SA News Editor

Together with the shares remaining under an existing authorization, Altera (ALTR) is free to repurchase up to 41.1M shares, or 13% of outstanding shares. At current levels, buying back 41.1M shares would cost $1.44B. (PR)

Altera says it pay for its buybacks via cash on hand, cash from operations, and newly-issued debt. The chipmaker had $500M in debt on its balance sheet as of June 28, and $3.7B in cash/investments.

Shares +1% AH.