ARC - ARC Document Solutions amends credit agreement buys back stock
2023-06-26 10:34:03 ET
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ARC Document Solutions ( NYSE: ARC ) has entered into an amendment to its credit agreement, the company said Monday.
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The amendment increases the amount of restricted payments the company can make and excludes them from its fixed charge coverage ratio.
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Such restricted payments include the use of cash for issuing dividends and repurchasing company stock.
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The company also disclosed the purchase of 506,403 shares of its own stock via open market transactions from April through the first three weeks of June, representing about 1.2% of its outstanding shares.
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The company authorized the expansion of its previous $15 million share repurchase program to $20 million through March 2026.
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Management expects to have approximately $10 million available for continuing share repurchases as of June 30, 2023.
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ARC Document Solutions amends credit agreement, buys back stock