Polylcom Reports $400M Buyback Plan, Will Be Funded with Cash, $250M in Debt
Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today announced that its Board of Directors has authorized the repurchase of $400 million, or approximately 20 percent of the Company's outstanding common stock, through a $250 million modified “Dutch Auction” self-tender offer and subsequent open market purchases or privately negotiated transactions. This action is consistent with Polycom's continuing commitment to delivering value to shareholders, as discussed on the Company's Second Quarter 2013 conference call. The Company expects to fund the program with $150 million in cash and a new $250 million term loan. The Company intends to launch the tender offer on September 13, 2013, and expects it will expire on October 30, 2013.
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