Euronet Announces Authorization to Repurchase of $100M of Common Stock

Euronet Worldwide EEFT today announces that its Board of Directors has authorized the repurchase in privately negotiated transactions of any or all of its $175 million 3.50% Convertible Debentures. Additionally, the Company announced that its Board of Directors also authorized the repurchase of up to $100 million or 5 million shares of Euronet Worldwide, Inc. common stock outstanding. The Company is authorized to repurchase in the open market or in privately negotiated transactions as deemed appropriate by management. “The repurchase of either our convertible bonds or common stock is continuing evidence of Euronet's strategy to manage its capital structure by opportunistically buying back bonds or shares at attractive returns on capital,” said Michael J. Brown, Euronet's Chairman and Chief Executive Officer. “We believe that recent changes in the trading values of our shares have provided us with an opportunity to enhance long-term value.” The Company may utilize existing cash reserves, cash flows from operations or borrowings to fund any repurchases. The timing and amount of any repurchases will be determined by the Company's management based upon its evaluation of the trading prices of the securities, market conditions, trading restrictions, limitations on repurchases of securities under its credit agreement and other factors. The repurchase programs do not obligate the Company to repurchase any dollar amount or number of shares or debentures, and either program may be extended, modified, suspended or discontinued at any time.