SiriusXM Holdings Inc. Tuesday announced that
its Board of Directors has approved an additional $2 billion common stock
repurchase program. Shares of common
stock may be purchased from time to time on the open market and in privately
negotiated transactions, including in accelerated stock repurchase transactions
and transactions with Liberty Media and its affiliates. The Company will fund the repurchases through
cash on hand, future cash flow from operations and future borrowings.
SiriusXM's Board of Directors approved a $2 billion common
stock repurchase program in December 2012 and supplemented that authorization
with the approval of an additional $2 billion common stock repurchase program
in October 2013. The new approval
increases to an aggregate of $6 billion the amount of common stock SiriusXM has
been authorized to repurchase.
The announcement of the extension of the repurchase program
reflects the Board's desire to continue to return value to stockholders and its
confidence in the long-term growth prospects of the Company's business. SiriusXM retains sufficient capital capacity
to continue making long-term investments in its programming, research and
development initiatives and overall operations, as well as to pursue strategic
opportunities that may arise.
Repurchases will be made in compliance with all SEC rules
and other legal requirements and may be made in part under a Rule 10b5-1 plan,
which permits stock repurchases when the Company might otherwise be precluded
from doing so.
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