DALLAS, May 24, 2019 /PRNewswire/ -- Santander
Consumer USA Holdings lnc. (NYSE:
SC) ("SC", "Santander Consumer" or the "Company") today announced
that its board of directors authorized, and the Board of Governors
of the Federal Reserve System ("Federal Reserve") did not object
to, the repurchase of up to $400
million of the Company's common stock as part of an amended
2018 capital plan of its majority stockholder, Santander Holdings
USA, Inc. ("SHUSA").
SC may repurchase shares under this program through the end of
the second quarter of 2019. This program, which has been authorized
by the Company's and SHUSA's boards of directors, is in addition to
the Company's previously announced $200
million inaugural share repurchase program, which was
completed in January 2019.
The timing and amount of any stock repurchases and any other
capital actions will depend on a variety of factors, including the
market price of the Company's shares, the business plans and
financial performance of the Company, general market and economic
conditions, and other factors. The repurchases of common stock may
be executed through open market purchases and repurchase plans
designed to comply with Rule 10b5-1 of the Securities Exchange Act
of 1934. The share repurchase program does not obligate the
Company to acquire any particular amount of common stock, and it
may be suspended or discontinued at any time.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any statements about expectations, beliefs, plans,
predictions, forecasts, objectives, assumptions, or future events
or performance are not historical facts and may be forward-looking
and reflect the current beliefs and expectations of the Company's
management. These statements are often, but not always, made
through the use of words or phrases such as "anticipates,"
"believes," "can," "could," "may," "predicts," "potential,"
"should," "will," "estimate," "plans," "projects," "continuing,"
"ongoing," "expects," "intends," and similar words or phrases.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, these statements
are not guarantees of future performance and involve risks and
uncertainties which are subject to change based on various
important factors, some of which are beyond the Company's control.
Factors that could cause the Company's actual results to differ
materially from those described in the forward-looking statements
can be found in the Company's Annual Report on Form 10-K for the
year ended December 31, 2018 and
Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, which have been filed with the
Securities and Exchange Commission and are available on the
Company's website
(http://investors.santanderconsumerusa.com/investor-home/default.aspx)
and on the Securities and Exchange Commission's website
(www.sec.gov). The Company does not undertake to update the
forward-looking statements to reflect the impact of circumstances
or events that may arise after the date of the forward-looking
statements.
Santander Consumer USA
Holdings Inc. (NYSE: SC) is a full service consumer
finance company focused on vehicle finance, third-party servicing
and delivering superior service to our more than 2.7 million
customers across the full credit spectrum. The Company, which began
originating retail installment contracts in 1997, had an average
managed asset portfolio of approximately $54
billion as of March 31, 2019,
and is headquartered in Dallas.
(www.santanderconsumerusa.com)
Media Relations:
Laurie Kight
214.801.6455
Media@santanderconsumerusa.com
Investor
Relations:
Evan Black
800.493.8219
InvestorRelations@santanderconsumerusa.com
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SOURCE Santander Consumer USA
Holdings Inc.