RB Global authorizes up to $500M share repurchase
Buybacks possibly funded through cash reserves, senior credit facility
RB Global‘s board of directors has authorized a share repurchase program allowing the company to buy back up to $500 million of its common shares, subject to approval from the Toronto Stock Exchange.
The heavy-equipment and commercial-vehicle marketplace plans to apply for approval of a normal course issuer bid this month, according to an RB Global release today. If approved, RB Global would repurchase shares on an opportunistic basis, with the timing and amount depending on market conditions, the company’s share price and other investment opportunities.
The buybacks would likely be funded through cash reserves or its senior credit facility. There is no guarantee that any shares will be repurchased, and the company may modify, suspend or terminate the program at any time, according to the release.
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