ADP to Offer $2 Billion in Debt, Boost Stock Buyback in Tweak to Capital Structure
August 28 2015 - 8:31AM
Dow Jones News
By Lisa Beilfuss
Automatic Data Processing Inc. said Friday it would offer $2
billion in debt and increase the size of its share-repurchase
program, a move to enhance its capital structure.
In a regulatory filing, the company said it would conduct one or
more debt offerings and use the net proceeds for general corporate
purposes.
Contingent upon the offering's completion, ADP said, its board
has authorized the purchase of an additional 25 million shares of
common stock. At Thursday's closing price of $78.83, a
25-million-share buyback would cost the company $1.95 billion.
The company has about 26 million shares remaining under the
previous share-repurchase program. The additional buybacks will be
completed within a 12- to 24-month time period following the
completion of the debt offering, subject to market conditions, ADP
said.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 28, 2015 08:16 ET (12:16 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Automatic Data Processing (NASDAQ:ADP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Automatic Data Processing (NASDAQ:ADP)
Historical Stock Chart
From Sep 2023 to Sep 2024
