DEXX Labs (IDXX) Adds 4M Common to Buyback Plan

DEXX Laboratories, Inc. (NASDAQ: IDXX) announced that its Board of Directors has authorized the repurchase by the Company of up to an additional 4.0 million shares of its common stock under its ongoing share repurchase program. Repurchases may be made in the open market (including through Rule 10b5-1 plans) or in negotiated transactions. These shares are in addition to the 2,226,420 shares remaining under the Company's share repurchase program as of March 31, 2013, pursuant to previous Board authorization. The timing and amount of any repurchases will be at the discretion of the Company's management.

The Company also announced today the successful refinancing of its unsecured revolving credit facility. As part of the refinancing, which closed on May 9, 2013, the Company entered into an amended and restated credit agreement that increased the aggregate commitments available for borrowing from $300.0 million to $450.0 million and extended the maturity date from July 25, 2016 to May 8, 2018. The interest rates applicable to borrowings under the credit facility as well as the sole financial covenant remain unchanged. The revolving credit facility continues to be available for general corporate purposes.

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