C.H. Robinson Worldwide increased the number of shares it plans to repurchase by 15,000,000 shares to a total of 23,700,000. It has yet to buy back the approximately 8,700,000 shares left from the previous authorization.
The Minnesota-based logistics provider entered into the accelerated share repurchase program with two banks, JPMorgan Chase and Morgan Stanley, which are expected to complete the program in the next four to seven months.
The company also announced that it will borrow $500 million from three lenders, Prudential, New York Life and MetLife, in a private placement transaction. The average maturity of the notes is 15 years and the weighted average coupon is 4.28 percent.