RadioShack Corp. Rating Lowered To 'CCC', Outlook Negative On Poor Operating Performance; Debt Rating Also Lowered Aug 13
- Language: English
- Published: August 2013
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NEW YORK (Standard & Poor's) Aug. 24, 2010--Standard & Poor's Ratings Services said today that RadioShack Corp.'s (BB/Stable/--) announcement of a $300 million accelerated share repurchase program will not affect the company's ratings or outlook. The company had announced on Aug. 18, 2010, that the board of directors had increased the share repurchase program to $500 million from $290 million. Under the terms of the accelerated share repurchase agreements with Bank of America N.A. and Wells Fargo Bank N.A., RadioShack will pay an aggregate $300 million for the common stock shares and will receive about 11.7 million shares (likely to be about 70% of the total shares to be repurchased) and at the end of the valuation period, there will...
Companies mentioned in this report are: RadioShack Corp.