Alaska Communications´ Board of Directors has authorized management to repurchase up to USD 10m of the Company´s outstanding common stock for a period concluding at the end of 2019, the company said.
Combined with alternatives for investing in growth and the extension of debt maturities provided by its new senior credit facility, this additional avenue of capital allocation provides Alaska Communications with multiple levers for the maximization of long-term shareholder value.
Alaska Communications´ Board of Directors authorized a program to repurchase up to USD 10m of the Company´s outstanding common stock, subject to the closing of the new senior credit facility.
Repurchases can be conducted in the open market or through private transactions, from time to time, including through purchases made in accordance with Rule 10b plans. The timing and amount of repurchases will be determined by the Company, based on its evaluation of market conditions, its financial position, the trading price of its stock and other factors.
The Company intends to use available cash balances to fund the share repurchases subject to, among other things, federal and state securities, corporate and other laws and regulations and the Company´s financing arrangements. Shares repurchased under this program shall be considered treasury stock.
Alaska Communications (NASDAQ: ALSK) is a leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data and voice network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous US.