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

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.

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