Amazon BoD approve debt & stock repurchase programs
09 Feb '08
1 min read
Amazon.com Inc announced that its Board of Directors has authorized a debt repurchase program pursuant to which the Company may from time to time repurchase (through open market repurchases or private transactions), redeem or otherwise retire, up to all of its outstanding 4.75% Convertible Subordinated Notes due 2009 (of which $899 million in principal is outstanding) and 6.875% Convertible Subordinated Notes due 2010 (of which EUR 240 million in principal is outstanding). This debt repurchase authorization replaces a February 2006 $500 million debt repurchase authorization.
The Company also announced that its Board of Directors has authorized the Company to repurchase up to $1 billion of the Company's common stock within the next 24 months, through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions or a combination of the foregoing.
The program allows the Company to opportunistically repurchase its shares when it believes that doing so would enhance long-term shareholder value. This stock repurchase authorization replaces an April 2007 $500 million stock repurchase authorization.
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