Polycom announces $400M buyback, shares +8% premarket

|By:, SA News Editor

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.

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