Buffalo Wild Wings (BWLD) Adds $300M to Stock Buyback Program
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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."
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