Cheesecake Factory expands buyback plan |
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Published
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Wed, 07 Mar 2007 14:59
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CALABASAS HILLS, Calif. (AP) - Restaurant-chain operator Cheesecake Factory Inc. on Wednesday increased its stock repurchase program by 10 million shares.Including 2.4 million shares remaining under its previous buyback plan of 6 million shares, the company now has 12.4 million shares available for repurchase.The company said it will agree to buy back $200 million shares through a broker-dealer in an accelerated share repurchase deal. Cheesecake Factory said it will fund the deal with cash on hand and a temporary credit facility of $150 million. It then plans to replace the temporary credit facility and its current $35 million credit line with a $200 million revolving credit facility.Shares rose 87 cents, or 3.3 percent, to $27.50 during pre-market electronic trading, after closing at $26.63 on the Nasdaq Stock Market. The company currently has about 78.3 million shares outstanding.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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