TULSA, Okla. -- After reviewing strategic alternatives for the company, the Dollar Thrifty board of directors has approved a $300 million share repurchase program to be completed by Dec. 31, 2008.
At this level, share repurchases are subject amendments to the company’s revolving credit facility, which currently limits share repurchases to $50 million annually. Pending bank approval for the boost in repurchase level, the company plans to proceed with repurchasing shares under the new policy, up to the limits set by the credit facility.
The new program replaces an existing $100 million program, of which $44.7 million has been used to repurchase more than 1.5 million shares.
Shares will be repurchased at times and amounts determined by DTAG's management based on its evaluation of market conditions and other factors. Repurchases will be made from time to time in the open market and through privately negotiated transactions. Repurchases may also be made under SEC Rule 10b5-1 plans, which permit shares to be repurchased when the company would not normally be in the market due to its own internal blackout periods.
The repurchase program may be suspended or discontinued at any time.