Buffalo Wild Wings (BWLD) Adds $300M to Stock Buyback Program
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Buffalo Wild Wings, Inc. (Nasdaq: BWLD) announced that its Board of Directors authorized an increase to its share repurchase program for an additional $300 million of the company's common stock. The repurchase authorization replaces the previously approved $200 million share repurchase program, of which approximately $75 million dollars remains, and brings the company’s outstanding share repurchase program to $375 million. Purchases may be completed from time to time in the open market or in privately negotiated transactions, subject to applicable laws and regulations. The company intends to fund the program with a combination of cash and debt.
The company also announced that it is targeting a leverage ratio of up to 1.5 times debt to EBITDA and that it intends to increase its line of credit facility to $500 million by the fourth quarter of 2016.
Sally Smith, president and chief executive officer, said, "We remain committed to maintaining financial flexibility as we continue to return significant capital to Buffalo Wild Wings shareholders. Based on our in-depth review of our capital strategy, this disciplined approach reflects the company’s solid balance sheet and free cash flow as well as our confidence in the successful execution of our long-term growth objectives for our business."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- GameStop (GME) Holiday Comps Fall 18.7%, Reiterates Prior Guidance
- Sanchez Energy (SN), Blackstone Energy Acquire 155,000 Eagle Ford Acres from Anadarko (APC) for $2.3B
- Rocky Brands (RCKY) CFO Resigns; Mike Staude Appointed Interim CFO
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Stock Buybacks
Related EntitiesTwitter, Stock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!