PacifiCare Increases Buyback Allowance
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PacifiCare Health Systems Inc., one of California’s largest managed care companies, amended its credit facility to allow for a buyback of up to $1 billion of the company’s shares.
The Santa Ana company’s previous buyback allowance was for $500 million.
In a press release Wednesday, PacifiCare said it repurchased 8.8 million shares in 1999. That total includes 6.3 million shares repurchased as part of the company’s ongoing 12-million-share buyback program, which expires early next year.
The company has about 37.3 million shares outstanding.
PacifiCare expects to fund future repurchases through cash from operations, bank debt and/or other debt financing.
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