Courtesy of Benzinga.
IDEXX Laboratories (NASDAQ: IDXX) today 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.
About IDEXX Laboratories IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 5,400 people and offers products to customers in more than 175 countries.
