EVERTEC Inc. announced Wednesday that it’s Board of Directors has approved a stock repurchase program that authorizes repurchases of up to $75 million of its common stock over the next 12 months.
Under the stock repurchase program, the company may repurchase its common stock from time to time, in amounts, at prices, and when it deems appropriate, subject to market conditions and other considerations.
EVERTEC’s repurchases may be executed using open market purchases, privately negotiated transactions, accelerated share repurchase programs or other transactions, any of which may be enacted immediately following the Board’s approval of the stock repurchase program, the company said in a statement released Wednesday.
The company intends to fund repurchases under the stock repurchase program from cash on hand and available borrowings under its existing credit facility, as necessary.
EVERTEC said it is not obligated to purchase any specific number of shares under its stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without prior notice.